What is SoundPay?

SoundPay (also known as Positive Pay) is a fraud prevention tool used by Martha's Vineyard Bank to help deter check and ACH fraud. SoundPay enables a company to help with risk management by protecting it against negative activity such as forged, altered, or counterfeit checks and ACH fraudulent debits and credits; as well as potential losses and other liabilities to the Bank. Unlike other banks, Martha's Vineyard Bank does not charge customers for the SoundPay service.

How does SoundPay work?

 

For CHECKS

  • Companies can upload a list of checks issued with the check number, dollar amount, and account number of each check.
  • Companies are notified daily of account activity to review.
  • SoundPay compares the list to the actual checks presented for payment and flags any that do not match.
  • The company decides if the check should be paid or returned. Checks marked for return are processed by Martha's Vineyard Bank.
  • Without SoundPay in place, counterfeit checks could be paid or go unrecognized.

For ACH

  • It is a separate service than checks in SoundPay.
  • Companies are notified daily of account activity to review.
  • Companies can maintain an approved list of other companies permitted to debit and/or credit accounts.
  • To help protect your account from unauthorized and potentially fraudulent ACH debit or credit entries, companies can maintain a block list of other companies to not pay ACH debit and/or credits to their accounts.
  • ACHs marked for return or on the block list are processed by Martha's Vineyard Bank.
  • Without SoundPay in place, fraudulent debits or credits could be processed and go unrecognized.
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