Payee Positive Pay definition

Payee Positive Pay is similar to “Positive Pay” however in addition to check serial number and dollar amount the Payee name as it appears on the checks is included in the Check Issue File. This data is compared to the file of checks presented to the Bank for posting and any discrepancies relative to Customer’s acceptance criteria including the Payee Name are provided to Customer on an Exception Report. Customer reviews the Exception Report and advises Bank whether each Exception Check is to be accepted for final payment or rejected.
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Examples of Payee Positive Pay in a sentence

  • You acknowledge that your failure to use our Payee Positive Pay Service could substantially increase the likelihood of undetected fraudulent activity on your account and that it is neither manifestly unreasonable nor unreasonable under the circumstances for us to require you to use our Payee Positive Pay Service upon request.

  • The Check Positive Pay and Payee Positive Pay Service applies to checks that are presented for payment to us through normal interbank clearings.

  • You agree that if you fail to implement our Payee Positive Pay Service following our request that you do so, you will be precluded from asserting any claim against us for paying an unauthorized, altered, counterfeit or other fraudulent item that the Payee Positive Pay Service was designed to detect or deter, and we will not be required to re-credit your account or otherwise be liable to you for paying such.

  • In the event we are unable to perform the payee name comparison on any day that an item posts to your Account(s), the Payee Positive Pay Service will revert to Bank’s Positive Pay service for that day.

  • Payee Positive Pay enhances the Bank’s Positive Pay Service by additionally comparing the payee name from the Presented Item against the payee name on the Issue Information.

  • Bank shall provide Customer with certain Positive Pay, Reverse Positive Pay, Payee Positive Pay, Partial Reconcilement, Full Reconcilement, Deposit Reconcilement, and Image Archive services as selected by Customer in one or more written Enrollment Request (s) according to Customer’s instructions or service selections in such documents.

  • Customer shall designate to Bank all positive pay Accounts that shall use Payee Positive Pay.

  • If you enroll in Payee Positive Pay Service you may provide us with a list of payee names for the checks that you issue, and we will compare each check presented to us against the list of payee names that you provide us.

  • That is, a check presented for comparison, and an exception created pursuant to such comparison, in the Payee Positive Pay Service will be treated as a check presented for comparison, and an exception created pursuant to such comparison, in the Positive Pay Service.

  • Payee Positive Pay (further described in Section 2.c. hereof) requires the payee to be included in the Issues File.