Positive pay

Problem statement: To combat fraudulent check activity, Positive pay is a process banks perform matching deposited checks against a list of scheduled an approved check payments.

The bank reviews: The dollar amount, check number, payee and date. If there is a discrepancy the check is flagged and sent back to the issuer for review.

Requirements: Centime to provide a CVS file for each check run detailing: amount, check number, payee and date.

The bank will have a defined format for this information. Centime to confirm format.

The bank must have an online portal for uploading the documentation.

Phased approach:

• Pre - UI: How can we support this today

• UI: Ability to schedule this automatic export or pull this export within the UI

• Direct integration - LONG TERM

Today's solution: They can filter / save a view of the Paid invoices and then use the export to turn into a CSV and upload in their Bank portal - assumption is that they have a template file from their bank about what to add in the CSV

MT’s solution: Originally MT tried working directly with the client bank to send them a file formatted to their specifications. This was a heavy lift and MT did not monetize it. In 2021, as more banks began requiring PositivePay, we had an engineer that would work with the client to get the file format that they needed and MT would send the file directly to the customer using a relay script so that they could upload it into their bank portal. I don't know if they monetized this work, but they likely should have and probably should be part of discovery during sales.