By all accounts, check fraud is still a growing problem. Check fraud losses now total more than $20 billion annually, according to the latest Nilson Report. With each year showing an increase of 4-18% percent, check fraud is the fastest growing crime today.
Check fraud is one of the largest challenges facing financial institutions and their clients. It is more important than ever to build enrollment in your bank's Positive Pay program to create a high level of check fraud protection for your bank and its corporate clients.
Despite efforts by many banks to enroll all their corporate accounts in Positive Pay programs, most clients have a difficult time converting check data into the required format. These clients do not have the time or resources to dedicate to creating a custom solution that will properly format Positive Pay files and then deliver them to their bank. Many small and mid-size businesses have foregone the critical protection of Positive Pay, believing that implementation will be too difficult or costly.
9 of the 10 leading U.S. commercial banks and many other financial institutions have joined the SecurePay Referral Program to bring their clients an easy, affordable solution for Positive Pay implementation and file delivery.
By offering your clients SecurePay Positive Pay Software, you provide a way for any size business to implement Positive Pay quickly and economically. The typical bank client installation with SecurePay, including file delivery testing, takes less than 45 minutes. When compared to the time and cost of creating a custom solution, either internally or with a consultant, the savings are significant.
Financial institutions can also offer their clients a web-based positive pay program with SecurePayWEB. SecurePayWEB is a service that converts client files from any accounting application to your institution's Positive Pay format. SecurePayWEB simplifies and accelerates positive pay implementation for your clients.
Both SecurePay software and SecurePayWEB provide an affordable solution with an easy-to-use interface that will convert virtually any accounting check-issue file to your bank's Positive Pay format and automatically transmit the file to your bank.