In recent years the Law enforcement and regulatory agencies in both Canada and the United States reported a substantial increase in the counterfeit cheques and other financial instruments. As a result, most banks have implemented additional security measures to prevent fraud cheque and now require companies to provide electronic file to the bank on a regular basis.
Microsoft Dynamics GP SafePay is a part of the eBanking module and produces the electronic file with the details that your bank requires before a payment is processed. SafePay provides the flexibility to produce an electronic file in the format requested by the bank. You can generate the file after the regular cheque run and easily transmit the file to your bank for validation and processing. The bank verifies the information when the cheque is physically presented for clearing. If the information is not matched with the electronic information including; payment amount, date, cheque number and vendor information, then the cheque is not honored and will be rejected by the bank. This provides an additional layer of security in your payment process and mitigates your organization’s risk of being a victim of fraudulent cheques.
For additional information on SafePay, please contact your BDO Solutions Client Manager.