A positive pay option has been created for OpenRDA following the specifications from US Bank for its SinglePoint Issue. The data field format for this comma-separated file is Account Number, Check Number, Amount, Date, and Action (either ISS for Issue or CN for Cancel). If your bank in OpenRDA is US Bank and should you wish to use positive pay for it, you will need to turn on the Positive Pay flag in the Setup Variables of the Bank Reconciliation module (Positive Pay tab). Then turn on the Positive Flag in the Bank Account Master (the bank must also be flagged as a checking account).
Positive Pay, in its simplest form, is a service that matches the account number, check number, and dollar amount of each check presented for payment against a list of checks previously authorized and issued by your organization. All three components of the check must match exactly or it will not be honored. Positive Pay requires your organization to transmit a file of issued checks to the bank each day checks are written. When those issued checks are presented for payment at the bank, they are compared electronically against the list of transmitted checks. Positive Pay (in conjunction with MICR checks) can help your organization avoid check fraud losses and liability. Please contact your bank for more information (there may be a fee involved as not all banks offer the service for free). If your bank is not listed in the setup variables for Positive Pay, please obtain the file specifications from your bank and send to us. Even if your bank isn’t listed, the file developed using the BB&T Bank specifications may work as it is very generic.
If you are not currently using MICR checks (no pre-numbered check stock as the check numbers and MICR information are done as the checks print), please contact Mimi for a proposal (mvenglish@openrda.com).
