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Positive pay is a fraud prevention system offered by most commercial banks to protect companies against check fraud. By matching the check information against a list of checks previously authorized and issued by the company, it can detect and prevent unauthorized checks from clearing.
When a company issues checks, it sends a list of check details (including check numbers, amounts, and payees) to the bank. The bank then only pays those checks that match the details on the list. If a check is presented that doesn't match the list, the bank will not honor it, protecting the company from potential fraud.
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