| According to Ernst & Young, more than 500 million checks are forged annually with losses totaling more than $10 billion. With the right tools, organizations can implement security measures that reduce the risks associated with altered or unauthorized checks.
Bottomline's Check Fraud Avoidance application, optimized for seamless integration with PayBase and supported by your bank's Positive Pay service, offers powerful safeguards against these ongoing threats.
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When a check run is processed, the Check Fraud Avoidance application, processing data from PayBase's laser check record, creates an electronic file containing bank-specific details such as serial number, dollar amount and the date of all checks issued. Stops, voids and manually-written checks can also be included in the file. The software then sends an electronic record of all checks issued to the bank's Positive Pay system, enabling the bank to quickly isolate fraudulent or incorrect checks and evaluate questionable payments before they are authorized and issued.
The Check Fraud Avoidance application subsequently receives a file of all paid check data from the bank, matching all cashed checks against the issued data file. A powerful reporting engine allows authorized users to report on items such as stale checks, voids, or stop payments, as well as the ability to view bank transmission logs.
Check Fraud Avoidance provides corporate enterprises the ability to communicate via a comprehensive array of file formats, including multiple banks and multiple accounts. By storing issued check data within its payment tables, and then reformatting it to meet each bank's unique specifications, Bottomline's Check Fraud Avoidance application provides corporations with increased peace of mind, assured that all their check issuances are protected against fraudulent activity, as well as mounting cash losses. |