NATICK, MASS. (March 14, 2002) -- Prelude Software Inc. today announced the launch of its PayPositiveâ¢ check fraud detection software. PayPositive enables a bank to offer easy and flexible positive pay security options to its commercial customers. With positive pay, a company can work together with its bank to ensure that the checks it issues matches the items that the bank has received for payment.
PayPositive builds on the strengths of Prelude's other payment solutions by providing an efficient and easy-to-use environment for creating and managing a centralized database of payment information. The data mapping feature allows users to import and process payment data from virtually any check issuing system, regardless of the file layout. Both the bank and the banking customer use the same intuitive, menu-driven software to create and share payment files, import payment data into the database, compare company-issued checks with bank items presented for payment, and manage exceptions. PayPositive security features control the level and type of activities each user is allowed to perform.
Since its inception in 1988, Prelude has understood that payment processing is a costly, time-consuming function for organizations of all types and sizes. In the United States alone, businesses spend over $60 billion annually on printing checks. Check fraud adds $12-15 billion to this cost. Prelude's mission is to help clients centralize, control, and simplify payment functions by offering them state-of-the-art software that is designed to work with their existing computer systems.
"With the rising incidence of check counterfeiting and identity falsification, it is more important than ever to provide check fraud detection solutions that are easy and efficient to use," said Stephen Root, President of Prelude Software. "We have incorporated much of Prelude's proven payment technology into PayPositive to meet the needs of banks and their commercial customers. As with our other products, we have also built in the flexibility and usability that will allow PayPositive to keep pace with the evolving needs of our clients."
PayPositive gives banks the ability to offer forward positive pay, reverse positive pay, or both options to its clients. In forward positive pay processing, the commercial banking customer uses PayPositive to create a file of payment data from each of its payment issuing systems for the bank. The bank uses PayPositive to compare the customer data with items presented for payment from the clearing house. The system flags exception items for easy resolution. In reverse positive pay processing, the bank uses PayPositive to import presented items and then create customer-specific files from these. The banking customer uses PayPositive to compare the file from the bank with its own issued check data, and to organize and manage any exceptions. Authorized users can access the centralized database at any time for running queries or reports, and to view processing history records online.
"We design our software so that it fits in with the way our clients do business," said Eric Bucher, Prelude Software's Chief Technology Officer. "We are very excited about the PayPositive product line, because it really enhances the ability of the bank to work together with its commercial customers in deterring check fraud. PayPositive continues our tradition of simplifying and streamlining essential payment processes."