Accounts payable and receivable departments are one of the most vulnerable areas of fraud for any business. That’s why Commerce Bank offers several fraud mitigation solutions so you can choose the one that’s right for your business. Our tools reduce human errors or interventions, detect suspicious activity, help you shield your business from cybercrime and identify reconciliation discrepancies.
The checks you issued are uploaded electronically into the Commerce Bank Positive Pay system which then compares the amount on file with the check when it’s presented for payment. Any discrepancies are reported through a special email alert and on Commerce Connections®, our online cash management system, where you view the check and make an online “pay/no pay” decision. Positive Pay also automates the reconciliation and check storage process.
A step beyond Positive Pay, this service additionally verifies the check’s payee information against the electronic file you provided. As with Positive Pay, you’ll be notified of any suspicious items through alerts on Commerce Connections® where you can make an online “pay/no pay” decision.
Instead of providing Commerce Bank with a file of checks you’ve issued, we’ll provide you with a daily file of paid items. You can compare those against your database of issued checks.
This automated tool identifies and authorizes ACH transactions that match the criteria that you establish, and filters and blocks any that don’t. You’ll be notified of any rejected electronic item(s) that don’t meet your filter criteria, which you can then return or conveniently add filter criteria for future electronic transactions.
CommercePayments® commercial card program has several fraud-reducing features including our Visa® Liability Waiver Program, Merchant Category Code restrictions and spending controls such as transaction or dollar limits per day or billing cycle.
When you sign up for email alerts, Commerce Bank will notify you of account activity, including unauthorized ACH transactions, check discrepancies, wire transfers and daily controlled disbursements.
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