Fundtech announced today the introduction of Positive Pay functionality that enables bank’s corporate customers to track their issued checks against checks presented daily for payment. Positive Pay is a feature of Recon ManagerTM, Fundtech’s comprehensive reconciliation and transaction-matching solution. Fundtech is a leading provider of global electronic payments, settlement, and cash management solutions.
Using a newly introduced browser interface, corporate customers are presented with check exception items and can electronically make pay / no pay decisions that are automatically relayed to the bank. Offering this Positive Pay service to corporate customers via the web gives ownership of assigning pay / no pay decisions to the customer.
Fundtech’s affordable Positive Pay feature provides banks the opportunity to expand their services offering, providing banks with an additional fee-based revenue stream and allows banks to attract additional customers. “The automated Positive Pay feature enables our clients to make pay/no pay decisions and investigate any issued or presented checks reducing check fraud,” said Michael Sgroe, EVP, President of US Products and Operations, Fundtech. “Positive Pay is an easy, quick and inexpensive option for clients striving to incorporate a Positive Pay offerings into their services suite.”
In addition to Positive Pay, the Recon ManagerTM solution allows banks to reconcile checking, internal general ledger, and correspondent accounts.