At the end of each business day, Safe Company sends its bank a listing of all checks written during the day including the check number, payee, and amount. When a check is sent to the bank for payment the bank compares the payee and the amount with the listing provided by Safe Company. This system is called:

Question

Quizplus · Accepted Answer

The system being described is called Positive Pay, where the company sends a listing of checks written to the bank and the bank verifies each check's payee and amount against the provided list before processing the check for payment. This helps detect and prevent fraudulent checks from being cashed. The other options, PayChex, Pay-As-You-Go, and Pay Master, do not accurately describe this system.

At the End of Each Business Day, Safe Company Sends