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Secure Seal is at the forefront of check fraud
prevention. Secure Seal provides a “fingerprint” of
all check information. The fingerprint is printed on the check in
the signature, logo or warning band. The Seal eliminates the need
for positive pay, reverse positive pay, and transmission of the
check data to the bank.
MHC Software, Inc. has entered into a strategic partnership with FiServ and Enseal to incorporate Bitseal Secure Seal Encoding Technology into our Document Express™ Printing Solution. J.P. Morgan Chase, Northern Trust, Bank of America and the U.S. Treasury all have embraced this state-of-the-art technology. Secure Seal takes fraud prevention a step further by incorporating the Payee Name, Check Number and Check Amount into an encrypted "seal," which is printed directly onto the check document. All pertinent information on the face of the check is encoded in the "seal" as well. Clients have a unique "private key"; only the financial institution is able to decode the seal and verify the key information contained.
Most banks do not provide payee name verification as part of the standard positive pay process, leaving a gap in the fraud prevention process. Secure Seal provides a means to verify all check information during the proof process, including the critical payee name. Solution Benefits• Offers the latest in fraud-prevention technology, currently used by the U.S. Treasury Department on all of its documents • Eliminates the need to transmit check paid (positive pay) files to the bank • Provides full protection, including payee verification • Furnishes a visible show of due diligence to prevent check fraud Positive Pay Positive pay is a fraud-prevention method offered by banks to their corporate clients. Positive Pay is designed to alert companies of suspected fraudulent checks. If the bank approves payment on any checks not contained in an issued file, then the bank remains liable for the payment. Positive Pay greatly reduces your firm’s risk of loss. After checks are printed, the Positive Pay Module creates and transmits a file that complies with the bank’s required format and transmission options. The Customer is alerted of any checks that are not in the positive pay issue file. The Customer can approve or disapprove payment of these checks. Voided documents within your ERP Package may be imported into the Positive Pay Module. Secure transmission methods include FTP with encryption, Internet or modem transfer. Positive Pay Reporting Tools
The Positive Pay module provides a library of bank formats.
Benefits of Positive Pay Service and support by MHC
Software
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