Positive Pay Introduction Positive pay is a cash management service by Banks to prevent cheque fraud. The intent is to ensure that the cheques once issued are not tampered when they are presented for clearance. Positive pay service allows the Banks to match the details of the cheque issued with the cheque received before they […]
What is penny drop verification?
What is penny drop verification? Penny Drop or Bank account verification as is commonly referred to is a way to verify the authenticity of a user’s Bank Account. This is achieved by depositing a small amount (usually a penny and hence the name) – usually INR 1 (one rupee) in the Indian context – which […]
