Positive Pay at WSFS Bank

Positive Pay at WSFS Bank is a comprehensive fraud-prevention and cash-management service designed to protect businesses from check and ACH fraud while streamlining reconciliation and enhancing control over outgoing payments. Built to integrate with corporate treasury systems and to support a broad range of business sizes and industries, WSFS Positive Pay offers a proactive, rules-driven solution that reduces exposure to unauthorized items, lowers processing costs, and provides real-time visibility into potential exceptions.

How Positive Pay Works

The core concept of Positive Pay is simple: the customer provides the bank with a list of issued checks and approved ACH transactions, and WSFS Bank compares presented items against that authorized list. Any presented item that does not match the provided parameters is flagged as an exception and held for review. Customers can then accept or return those exceptions through an exception-resolution process, ensuring that only authorized payments clear the account.

Key Features

• Check Positive Pay: Submit issued check files containing details such as account number, check number, issue date, and amount. The bank compares each presented check and flags discrepancies for customer review.
• ACH Positive Pay: Authorize ACH debit and credit transaction files in advance to prevent unauthorized or fraudulent electronic debits from being posted to the account.
• Payee Positive Pay: Add an extra layer of verification by requiring the payee name to match the issued item, helping detect altered or counterfeit checks.
• Reverse Positive Pay: Instead of sending an issue file, customers receive a daily list of presented items and respond to each item with an approval or return decision. This is useful for smaller organizations or those without automated issuance files.
• Real-time exception notification: Alerts and reports notify designated users of exceptions so they can take immediate action.
• Custom rules and thresholds: Create tolerance levels for amounts, date ranges, and other parameters to minimize false positives while maintaining strict fraud controls.
• Secure file transmission: Multiple secure channels for file submission ensure data integrity and confidentiality.
• Multi-user access and role-based permissions: Segregate duties across authorization, exception review, and reconciliation to support internal controls and audit requirements.

Benefits

• Fraud reduction: By comparing presented items to an authorized list, Positive Pay significantly reduces the likelihood of unauthorized checks or ACH debits clearing the account.
• Improved cash control: Timely identification of exceptions prevents unexpected outflows and helps maintain accurate cash forecasts.
• Operational efficiency: Automation of check and ACH verification reduces manual reconciliation time and lowers processing costs.
• Enhanced audit trail: Detailed logs of exceptions, decisions, and user activity support compliance and internal audit efforts.
• Better decision-making: Real-time reporting and dashboards provide clear visibility into payment activity and exception trends.
• Scalability: Designed to support businesses as transaction volumes grow, with options for both file-based and online decisioning workflows.

Exception Management and Workflow

When an exception is identified, WSFS Bank provides an intuitive exception management interface where authorized users can review item details, supporting images, and suggested actions. The workflow supports:

• Automated routing based on dollar thresholds or item type
• Single-click approvals or returns with reason codes
• Batch processing of recurring exceptions
• Configurable escalation paths for high-value items

All decisions are captured in a secure audit trail, enabling reconciliation and regulatory reporting.

Integration and Implementation

WSFS Positive Pay is built to integrate with common accounting, payroll, and treasury management systems. Implementation options include:

• Automated file upload via secure protocols for customers with existing check or ACH issuance files
• Web-based entry for organizations that prefer an online interface
• API connectivity for real-time data exchange and seamless integration into treasury platforms

WSFS Bank works with customers to configure Positive Pay rules, define user roles, and train staff on exception-handling procedures to ensure a smooth transition and rapid time-to-value.

Security and Compliance

Security is central to the Positive Pay offering. WSFS Bank employs strong encryption and secure transmission protocols for file exchange, multi-factor authentication for user access, and comprehensive logging for all activity. These measures help customers meet internal control standards and regulatory expectations while protecting sensitive financial data.

Best Practices

• Submit issued check and ACH files early in the day to maximize protection for same-day presentments.
• Keep issuance files accurate and up to date; implement tight controls around the creation and distribution of check stock and ACH origination files.
• Use payee match where feasible to reduce risk of altered payee fraud.
• Designate multiple reviewers and approvers to avoid single points of failure and to maintain continuity during staff changes or absences.
• Monitor exception trends to identify suspicious patterns and refine rules to improve accuracy and reduce false positives.

Who Should Use Positive Pay?

Positive Pay is ideal for any organization that issues checks or receives ACH transactions and wants to strengthen fraud defenses and improve payment controls. Typical users include mid-market and enterprise corporate treasury teams, non-profits, municipalities, and any business that requires reliable reconciliation and protection against check and ACH fraud.

Summary

WSFS Bank’s Positive Pay service combines proactive fraud prevention, flexible implementation options, and robust exception management to protect businesses against unauthorized payments and simplify reconciliation. With secure file transmission, configurable rules, and comprehensive reporting, Positive Pay helps organizations maintain tighter control over cash flows while reducing operational burden and risk exposure.

For detailed configuration and onboarding information, consult your WSFS Bank treasury representative.

Address Bank: Wilmington, Delaware, U.S.
Bank: WSFS Bank
Headquarters: Wilmington, Delaware
Products: Payments & Treasury
Type: Positive Pay