Let Broadway Bank help you reduce check fraud.
With the accurate, timely information offered by Positive Pay from Broadway Bank, you can drastically reduce the potential for check fraud.
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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.
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