Colony Bank Business Online Banking User Guide

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Positive Pay / ACHPP Positive Pay / ACHPP Overview

For businesses today, payment fraud attempts are a fact of life, but financial losses don’t have to be. Positive Pay helps businesses prevent check and ACH fraud by requiring the financial institution to verify transactions against a list the business has pre-approved. Check Positive Pay is one of the best tools available for detecting fraudulent or altered checks presented for payment against your account. Whenever checks are presented for payment, we compare them to check the details you provide either by uploading an issued check file, or by adding information manually. In the review process, if we identify any variances in check numbers, dollar amounts, or payee names (i.e., the person or business the check is issued to), we will present those items to you as “exceptions” for a pay or return decision. ACH Positive Pay can help protect your accounts from fraudulent activity by monitoring for anyone attempting to withdraw funds without your authorization. Primarily a tool to detect discrepancies in ACH payment transactions, it can also be used to review ACH deposit activity. ACH Positive Pay can prevent all ACH debits unless explicitly allowed. You can also create filters to allow only specific companies, amounts, or SEC codes. Unauthorized ACH entries are flagged for review or automatically rejected. ACH Returns and NOCs provide information about ACH transactions that were returned and any Notifications of Change (NOCs) received. You can review returned entries and account change notices so you can keep your records and originator information up to date. EDI Reporting provides information about ACH transactions that include remittance addenda data. You can review credits and debits with addenda records so you can reconcile payments and access detailed remittance information.

Positive Pay / ACHPP: Positive Pay / ACHPP Overview