An extra step for your safety
The RBI has created an important automated cash-management tool that financial institutions may utilize to improve the security and safety of cheque-based transactions. This system is specially designed to detect fraudulent activities. At Cosmos, we use positive pay to match the cheque a company issues with those it presents for payment. We do this by matching specific information related to the cheque presented for clearing, like the cheque number, cheque date, payee name, account number, amount, and other details against a list of cheque’s previously authorized and issued by you. This system acts as a form of insurance against fraud, losses, and your other liabilities in the bank.