B2B payment platform OnlineCheckWriter.com has launched a new security feature.
The automated Positive Pay service streamlines cash management and boosts fraud detection for businesses, the company said in a Thursday (July 20) press release.
“Our automated Positive Pay service empowers businesses to take control of their cash management and eliminate fraud effectively,” OnlineCheckWriter.com CEO and founder Sabeer Nelli said in the release.
The new Positive Pay feature enables businesses to inform their banks about issued checks, using channels such as API, FTP and Excel sheet uploads and eliminating the need for manual notifications, according to the press release.
When the check is presented for payment, the bank verifies its authenticity by matching the check number, account number and dollar amount against the list of checks provided by the issuing company, the release said.
If any of those numbers fail to match, the bank notifies the issuer, per the release. This enables the company to review the presented check and decide whether to accept or deny it, effectively minimizing exposure to fraudulent transactions.
“The platform ensures real-time communication with the bank, enabling immediate check cancellations and voiding,” Nelli said. “By reporting issued checks in advance, companies can significantly reduce the risk of fraudulent activity.”
PYMNTS research has found that worries about payments fraud is a top concern of businesses, and most have experienced fraud.
Seventy-five percent of larger companies have experienced payments fraud, as have 66% of smaller companies, according to “The Hidden Costs of B2B Payments Fraud,” the November 2022 edition of the “B2B Payments Fraud Tracker,” a PYMNTS and nsKnox collaboration.
The report also found that 71% of organizations plan to implement new automated digital solutions for fraud prevention when managing business payments.
OnlineCheckWriter.com’s new Positive Pay solution is the latest of several features added by the company.
In February, the firm added payment integrations with several accounting platforms, allowing users of the platforms to import checks, bills and invoices and pay them, thereby avoiding manual entries.
Four months earlier, in October 2022, OnlineCheckWriter.com launched a credit card payment facility for businesses, letting them pay any payee, even ones that don’t take credit cards.
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