Banking Tools

Are you tired of the monotonous, manual process of exporting and trading files back-and-forth with your bank?

This suite offers BankRec to automate the reconciliation process. BankRec uses files provided by your bank to automatically reconcile your checks and provides a report of discrepancies. PositivePay provides data files for your bank to verify checks you have written.

Advantages of Bank Rec

  • It makes important updates to general ledger and receives timely entries from the other applications.
  • Provides the ability to reduce bank statement errors
  • Enables to control cash flow with the invalid checks and stop payments function
  • Verifies the amount of cash in your account
  • It helps to uncover irregularities

Advantages of Positive Pay

  • Reduce fraud risk
  • Customers will receive an email alert of unauthorized transactions
  • Customer can return unauthorized transaction

Not familiar with Positive Pay?

Positive Pay requires the company to send (transmit) a file of issued checks to the bank each day checks are written. When those issued checks are presented for payment at the bank, they are compared electronically against the list of transmitted checks. The check-issue file sent to the bank contains the check number, account number, issue date, and dollar amount. Sometimes the payee name is included, but is not part of the matching service. When a check is presented that does not have a "match" in the file, it becomes an "exception item". The bank sends a fax or an image of the exception item to the client. The client reviews the image and instructs the bank to pay or return the check.