Curb cheque fraud once and for all

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What is Positive Pay

Positive pay is a service introduced to prevent cheque fraud. The goal is to ensure that the cheques once issued are not tampered when they are presented for clearance. Positive pay service allows Bankers to match the details of the cheque issued by the customer with the physical cheque received at the Bank before they are cleared.

Indian Regulator (RBI) on Positive Pay

While most Banks already have checks and balances in place for high value cheque clearances (e.g. calling the customer and verifying the details), the RBI governor thinks that not enough has been done to fight cheque fraud. Therefore, the governor has mandated that all cheques issued over INR 50,000 to be verified through the positive pay mechanism. Just to put this in context, this approach will cover around 20 per cent of cheques by volume and 80 per cent of total cheques by value. So out of the 90 million cheques processed each month, we are looking at about 18 million of these cheques to be validated through positive pay process each month.

Friction in Positive Pay service

The introduction of Positive Pay, however beneficial it may seem, presents significant friction to end customers. The additional steps like scanning the front and back of the images and entering cheque details, uploading them to the Bank, before issuing cheques will surely be a hassle.

How can we help you with Positive Pay?

Here’s how Banks can leverage technology (not for technology sake) to reduce friction and do the heavy lifting on behalf of the customer and leave only the bare minimum to customers to comply with the positive pay directive.

Here’s how the solution works

      1. User scans the cheque leaf
      2. We OCR the majority of the details
      3. Customer enters the bare minimum of details (payee name and amount)
      4. The data is presented in our Dashboard
      5. The Bank Analyst compares the Physical Cheque against Digital Cheque to Approve /Decline

Here’s how you can integrate the technology for your customers

With just a few lines of code and our cloud dashboard, you can get started in a couple of hours. You can provide this as part of your Mobile Banking (integrating our Android and iOS SDK) or as part of your Online Banking by calling our APIs.

Integrate our native SDK ( Android and iOS) and use our cloud infrastructure and cloud dashboard

No servers but mobile integration needed by you

Integrate our native SDK ( Android and iOS) and use your own infrastructure and on-prem dashboard

Servers and installation effort is needed for deployment

A separate link on your official website that invokes standard web screens for cheque capture (works on Mobile/Web browser)

This can be on-prem or on-cloud based on your needs

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Use our cloud platform to get started now. Or deploy this within your own premises.
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Pay per transaction with discounts as you scale. Or annual subscription with unlimited usage.

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