With the accurate, timely information offered by Positive Pay from Broadway Bank, you can drastically reduce the potential for check fraud.
How does Positive Pay work?
Each time you issue a check you enter the issue information into iBIZ – your Broadway online banking account interface. You must enter this information before you send the check to the recipient.
Each day, Broadway matches each check being presented for payment against the list of checks you have issued.
If exceptions are found, the item is added to your Positive Pay exception report and made available to you online through iBIZ by early each business day.
A check will be flagged if:
the check has been voided.
the check has already been paid.
the check has not been issued.
the amount is mismatched.
You research the suspect items and inform Broadway by 1:00 p.m. whether items should be paid or returned.
