Global Positive Pay (GPP) is a fraud prevention mechanism that reconciles cheque being encashed against details of the cheque issued by the account holder. For example, the positive pay process entails a daily reconcilement of a company’s issued cheques presented for payment to the bank to identify potentially fraudulent cheque. In case of mismatch the cheques will not be honoured or cheques will be returned.
Currently, Global Positive Pay is deployed in 12 countries :- Singapore (SG), Hong Kong (HK), Malaysia (MY), Philippines (PH), India (IN), Thailand (TH), Botswana (BW), Kenya (KE), Bangladesh (BD), Pakistan (PK), Sri Lanka (LK) and UAE (AE).
- Monitoring and detection of unusual cheque activity
- Timely detection of fraud
- Ability to make pay/no pay decisions on potentially fraudulent cheques
- Create processing rules to systematically accept or reject transactions