OrboGraph Releases Version 1.5 of OrboAnywhere for Platform Modernization of Check Processing and Fraud Prevention
Enhanced scalability and targeted use cases add incremental justification to industry modernization efforts
Billerica, MA, May 2, 2018 – OrboGraph, a premier developer and supplier of intelligent electronic/paper automation solutions in healthcare revenue cycle management (RCM), as well as recognition solutions, image validation and check fraud detection for the U.S. check processing market, announces the release of OrboAnywhere Version 1.5. OrboAnywhere automates paper-originated payments (i.e. checks, money orders, drafts) and remittances for balancing and posting while reducing risk and losses in check fraud, payment negotiability and compliance.
Version 1.5 delivers enhanced asynchronous and synchronous API scalability to process multiple workflows simultaneously, processing millions of items per hour from multiple deposit channels across the omnichannel of an organization. Scalable both vertically and horizontally for local, virtual or cloud deployments, banks and service bureau can process volumes well over 1,000 images per second. A web services interface allows for workflow prioritization and access from branches or client applications from any geographic location, enabling recognition and real-time validation, as well as image analysis for fraud detection of on-us and transit items.
Specific use-case improvements address fraud and validation problems in a dynamic check fraud environment. As fraudsters adapt their behavior to analytics-based system parameters, Anywhere Fraud delivers enhanced counterfeit and alteration detection targeting money orders, Treasury checks, HELOC checks, pre-authorized drafts, inflated amounts, as well as payee alterations.
Check classification capabilities are now fully available within the Anywhere Compliance module. This capability categorizes cash equivalent negotiable payments so banks can manage fraud review prioritization and assign the appropriate funds availability to these items. Additionally, alteration detection supports depositary bank warranties.
Barry Cohen, Co-President of Marketing at OrboGraph stated, “New payment initiatives in the US are not all about new electronic payments. As checks volume has stabilized near 18B per year, fraud attempts and risk present an opportunity for modernization. Banks and service bureau processors are looking to drive operational efficiencies as well as proactively address new fraud use cases using image interrogation.”
Additional details of the release will be discussed at the 2018 Healthcare and Check Payment Technology Conference.
About OrboGraph
OrboGraph (www.orbograph.com), a subsidiary of Orbotech, is a premier developer and supplier of intelligent electronic/paper automation solutions in healthcare revenue cycle management (RCM), as well as recognition solutions, payment negotiability and check fraud detection for the U.S. check processing market. The company mantra, “intelligent payment automation,” describes how intelligent technologies are applied so payment posting becomes an automated process and information is accessed and analyzed via a variety of business intelligence, analytics and user interface capabilities. Nearly 4,000 financial institutions, service bureaus, clearinghouses and billers rely on OrboGraph technology to process billions of checks, EOBs, correspondence letters and claims annually.
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