SB One Bank, a full-service commercial bank with 14 branch locations in New Jersey and New York, announced today that it is now offering its business customers an automated check fraud detection service called Positive Pay.
Positive Pay provides business customers with control over payment processing. The system monitors checks presented for payment, matches them against an account and allows customers the opportunity to reject unauthorized payments before incurring loss.
“Fraud is an increasing concern, and in today’s day and age, there’s no reason why a business would not want the added protection of real time fraud monitoring,” said Vito Giannola, Senior Executive Vice President and Chief Banking Officer, SB One Bank. “Positive Pay is like a security alarm for business owners, alerting them of potential unauthorized payments and threats. Ultimately, it is intended to help our customers mitigate loss.”
Positive Pay is one of SB One Bank’s Online Banking services. It is efficient and user-friendly. A business owner must simply transmit a file of issued checks through Business Online Banking into the Positive Pay system. When checks are processed for payment at the bank, they are compared to the submitted file by the account number, check number and the dollar amount. Any discrepancies are flagged by the bank and submitted to the business user for review.
In addition to fraud monitoring and protection, Positive Pay helps to streamline the business payroll by simplifying the account payable process.
“Positive Pay not only offers businesses added fraud protection, but it makes the accounts payable process more manageable,” said Giannola.
SB One Bank is committed to protecting its customers from the threat of fraud. In addition to Positive Pay, the Bank offers CardValet which is a debit card management and fraud mitigation tool that allows debit card customers to monitor and control debit card transactions through their smart phones.
For more details on SB One Bank’s suite of fraud protection services, visit: www.SBOne.bank