Loyola University Chicago

- Navigation -

Loyola University Chicago

Financial Services

Positive Pay Procedures

To combat potential risk and minimize exposure to fraudulent payments, Loyola University Chicago (LUC) uses JPMorgan Chase Positive Pay Services.  This service provides LUC with the ability to make pay or return decisions before checks clear LUC’s bank account. This approach reduces our risk because we retain control over each exception item and choose to either authorize payment or return the check.

Positive Pay is setup on the LUC Payroll account, LUC Disbursement account and the LUC Student Refund account. 

Each business day by 11:00 am JPMorgan Chase will report any discrepancies to LUC.  LUC will review the discrepancies and will instruct JPMorgan Chase to either pay or return the check items by 4:00 pm.

If LUC has not respond to JPMorgan Chase by 4:00 pm regarding any exception items, JPMorgan Chase has been instructed to return any exception checks. JPMorgan Chase calls this the Default Decision.

Each day when LUC issues checks from the Accounts Payable or Payroll system, a file listing payee names, check amounts, check numbers and issue date of checks is created on the Lawson system.  This file is sent to JPMorgan Chase on the date the checks were issued. JPMorgan Chase loads this file into their Positive Pay system.

Each day when LUC issues checks from the Peoplesoft Student System, a file listing payee names, check amounts, check numbers and issue date of checks is created on the Peoplesoft system.  This file is sent to JPMorgan Chase on the date the checks were issued. JPMorgan Chase loads this file into their Positive Pay system.

When a LUC check is presented for payment at JPMorgan Chase the Positive Pay system electronically compares checks presented for payment to the checks LUC has issued and if there are any discrepancies they are immediately reported to LUC.

Positive Pay for LUC Payroll Account and Disbursement Account

General Accounting is responsible for checking the daily exception items for the Payroll and Disbursement account.

A daily email is sent from JPMorgan Positive Pay with the subject: Notification of Exception Availability.

It will state if there are exceptions or not for each account.   Print and keep a copy of this email in the Positive Pay Exception folder. If there are no exceptions no further action is required.

If there are exceptions, click the embedded link which will take you to the JPMorgan Access log in screen. 
If no email is received, the exception notification should be accessed via the JPMorgan Access.  The website address is:

http://www.jpmorganaccess.com

The logon screen will appear you will need to enter, User ID, Password and Token Code.  Once this information is entered, click on Login. 

The JPMorgan Dashboard page will appear. Under My Applications chose Payables.

Place the cursor on the Positive Pay tab. Chose the Exception Review option. The Positive Pay Status screen appears.

If the screen shows there are “No Exceptions Today”.  A print screen should be made of the Positive Pay Status screen.  The print screen should be filed in the Positive Pay exception folder. No further action is required.

If there are any exceptions, click the highlighted number under Pending next to the account number whose exception items you want to make a decision on.

The Positive Pay Decision screen appears.  All positive pay exception items for the specified account display in check number order.  Choose a check and an image of the check is displayed, you can view front and back.

A screen print should be made of this list.  The checks on this list should be compared to the AP or Payroll system to verify if the checks are valid or not. 

Check the box for either Pay/Return for each exception item.

If returning – Select reason from the Return Reason drop down box and Submit Decisions.

Listed below are the decision definitions that can be chosen:

Return: JPMorgan Chase will return the item.

Pay: JPMorgan Chase will pay the item.

Return - Fraudulent: JPMorgan Chase will return the item and notify Corporate Security.

Note: If you save your decisions, but do not specify a decision for each exception item, the decision for the exception item will be the Default Decision and your User ID will be assigned.

Make a print screen of this page as confirmation of the pay return decisions and that the decisions have been sent to JPMorgan Chase.  This print screen should be filed in the Positive Pay Exception folder.

To view Positive Pay reports for items sent in JPMorgan Access by clicking on the Reports tab. The Check Services Report Welcome screen appears. On the left navigation bar, under Positive Pay click Activity. The Positive Pay Summary Activity Report screen appears, displaying the report for the default account. The Positive Pay Summary Activity Report for the selected account appears. To view details of an item in the list, click its account number in the Account column. The Positive Pay Detail Activity Report for the selected item appears.

Positive Pay for LUC Student Refunds account

Cash Management Services is responsible for checking the daily exception items for the student refund account.

A daily email is sent from JPMorgan Positive Pay with the subject: Notification of Exception Availability.

It will state if there are exceptions or not for each account.   Print and keep a copy of this email in the Positive Pay Exception folder. If there are no exceptions no further action is required.

If there are exceptions, click the embedded link which will take you to the JPMorgan Access log in screen. 

If no email is received, the exception notification should be accessed via the JPMorgan Access.  The website address is:

http://www.jpmorganaccess.com

The logon screen will appear you will need to enter, User ID, Password and Token Code. Once this information is entered, click on Login. 

The JPMorgan Dashboard page will appear. Under My Applications chose Payables.

Place the cursor on the Positive Pay tab. Chose the Exception Review option. The Positive Pay Status screen appears.

If the screen shows there are “No Exceptions Today”.  A print screen should be made of the Positive Pay Status screen.  The print screen should be filed in the Positive Pay exception folder. No further action is required.

If there are any exceptions, click the highlighted number of total exceptions next to the account number whose exception items you want to make a decision on.

If there are any exceptions, click the highlighted number under Pending next to the account number whose exception items you want to make a decision on.

The Positive Pay Decision screen appears.  All positive pay exception items for the specified account display in check number order.  Choose a check and an image of the check is displayed, you can view front and back.

A screen print should be made of this list.  The checks on this list should be compared to the AP or Payroll system to verify if the checks are valid or not. 

Check the box for either Pay/Return for each exception item.

If returning – Select reason from the Return Reason drop down box and Submit Decisions.

Listed below are the decision definitions that can be chosen:

Return: JPMorgan Chase will return the item.

Pay: JPMorgan Chase will pay the item.

Return - Fraudulent: JPMorgan Chase will return the item and notify Corporate Security.

Note: If you save your decisions, but do not specify a decision for each exception item, the decision for the exception item will be the Default Decision and your User ID will be assigned.

Make a print screen of this page as confirmation of the pay return decisions and that the decisions have been sent to JPMorgan Chase.  This print screen should be filed in the Positive Pay Exception folder.

 

Updated: September 15, 2010



Loyola

Loyola University Chicago Financial Services ยท 820 N. Michigan Ave. LT-1300, Chicago, IL 60611

Notice of Non-discriminatory Policy