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Positive Pay is a simple, secure and automated new tool being offered by San Joaquin Bank. It is a way to submit issued check files, make decisions, and analyze reconcilement reports – all via the web in a secure paperless environment. It empowers you to manage transactions with minimal manual intervention.
When your business writes checks, they are sent to San Joaquin Bank as an electronic file, called an “issued check file”. The file contains check numbers, amounts and issue dates.
Once the file is in our system, the “issued check” information is compared to all checks we receive during the nightly check reconcilement process.
The check is paid only if the check number, amount and data match exactly. However, if there are exceptions, a decision to pay or return the check will need to be made. In that case, you simply log on to the website, review the exception report and make the decision to pay or return the check electronically.
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