SFB Offers Free Positive Pay Service for Agency Clients

Fraud is a growing concern for insurance agencies, with financial crimes such as check fraud and unauthorized transactions costing companies millions of dollars each year. Positive Pay is one of the most effective tools for combating these threats. And now, SFB cash management clients can receive the service for free.

By implementing Positive Pay, companies can safeguard their finances, reduce the risk of unauthorized transactions, and ensure that only legitimate payments are processed, explained Mark Oldenberg, SFB president & CEO.

"At SFB, we recognize that fraud is a growing concern for businesses," Oldenberg said. "By offering Positive Pay at no cost to our cash management clients, we are taking a proactive step to prevent unauthorized transactions. Our goal is to be a true partner in their financial success by providing the tools they need to stay ahead of fraud threats." 

How Positive Pay Works

Positive Pay is a service offering that helps businesses verify transactions before they are processed. When a business issues checks, it uploads a check register file into their online banking portal. Behind the scenes, as checks clear the business's account, they are cross-referenced against this uploaded check register. If any discrepancies are found-such as an altered amount, mismatched account number, or unauthorized payee-the check is considered an exception. To manage that exception, the client is notified and asked to review whether the check should be paid/returned. This proactive approach helps businesses detect and prevent fraud before it impacts their bottom line.

Cost

Most financial institutions that offer Positive Pay charge a monthly fee between $30 - $70. As a commitment to its customers, SFB is absorbing the monthly cost of this service. SFB cash management clients will be charged only the exception item fee, which is $1/exception item.  This fee is charged when a check is presented for payment that was not listed on the uploaded Positive Pay file.

Implementing Positive Pay in Your Agency

To take advantage of Positive Pay from SFB, insurance agencies should:

• Contact Treasury Management: Contact SFB's Treasury Management Department at 888.2254.0615 or email treasurysupport@sfbank.com to set up Positive Pay services.
• Regularly Upload Positive Pay File: Ensure timely and accurate submission of check details to SFB.
• Monitor Alerts and Discrepancies: Promptly review flagged transactions and take action on any discrepancies.
• Educate Employees: Train finance and accounting teams on how Positive Pay works and its role in fraud prevention.

Fraud prevention is a critical aspect of financial management for agencies. With the increasing risk of check fraud, implementing Positive Pay services is a proactive step to protect company assets. By leveraging this fraud prevention tool, agencies can strengthen their financial security, reduce fraud risks, and gain greater control over their transactions.

For more information on Positive Pay, contact SFB's Treasury Management Department at 888.254.0615 or email treasurysupport@sfbank.com.