Positive Pay / Payee Positive Pay — impact tolerance ≤ same day — ITOL

Impact tolerance: ≤ same day — any outage spanning the daily return-deadline cycle (midnight / 2 p.m. cutoffs), for any share of exception volume (illustrative default — trace the derivation, then replace with your own harm analysis)

Definition: Fraud-control service matching checks presented for payment against a client-submitted issue file (and payee name, for Payee Positive Pay) before funds are released.

Why it is designated: Same-day settlement and expedited-return deadlines under Check 21 compress the window banks have to apply fraud controls like positive pay before a check must be paid or returned. The Federal Reserve's Regulation CC final rules describe that compression. Same-day recovery is therefore the binding constraint.