Positive Pay System

Positive Pay Processing (PPP) offers the Funds enhanced security and protection for checks issued against any of its bank accounts by taking advantage of the banks’ positive pay capabilities. As soon as checks are generated, and before they are mailed, the positive pay file is electronically transferred to the bank. PPP enables the banks to identify and prevent fraudulent transactions and, in turn, protects the Funds.

 

•  

• SSI produces Positive Pay files for each of SSI’s payment systems, e.g., pension payment, health or disability claims payment, accounts payable or annuity administration.

• SSI performs the necessary customization for each particular bank’s positive pay format.

• The electronic file for the bank is an additional automatic output from each check register produced. PPP will also immediately generate an e-mail to the party or parties responsible for transmitting the data to the bank.

• Control totals are included for verification.

• The Positive Pay files may easily be recreated by rerunning the check register.

• The data submitted contains the check #, the payee and the payment amount.

• SSI works with the banks to set up appropriate methodologies for PPP file submission, as this transfer process varies from bank to bank.

• The PPP files sent to the banks are automatically archived in our database.