Positive pay is a fraud prevention system used by banks to help protect their customers from cheque fraud. It is a service offered by banks to their corporate customers in which the bank only pays a cheque if the cheque amount, account number, and cheque number match the information that the customer has previously provided to the bank.
In this video, we have discussed what was the need for this system? What are the various processes through which this information can be delivered to the banks
0:00 Introduction
0:16 cheque clearing process
1:09 Need of Positive Pay System
2:06 Model of Positive Pay System
3:23 Registered email id & Branch Visit examples
3:42 Mobile Banking
4:33 Internet Banking
4:59 SMS Banking
5:52 Reverse Positive Pay System
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