Resources

Check out our reservoir of information related to check recognition and healthcare payment technologies. We frequently update this section with the latest news, trends, and analysis of the banking and healthcare industries.

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Platform Modernization

Both the financial and healthcare industries are undergoing modernization initiatives in check payments and remittance.  See how OrboGraph is using AI, self-learning and deep learning models to drive innovation in these industries to deliver workflow automation.

Platform Modernization

Modernizing payments in the banking and healthcare industries

AI, Self Learning & Deep Learning Technologies

Optimized AI and deep learning models for the automation of check processing and healthcare posting

Operationalizing AI & Self Learning in Checks

Revolutionizing check processing and fraud prevention for the banking industry

Delivering Healthcare Payment Electronification

Increased accuracy levels, decreased error rate for healthcare payments posting

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See how each product/service module of OrboAnywhere and OrboAccess delivers value from our check and healthcare payment platforms

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Healthcare Payments

OrboAccess automates remittance and payment posting as well as enables full research and business intelligence analysis for RCM companies, clearinghouses, billers, and providers.

Access EOB Conversion

Delivers EOB/EOP electronification with information intelligence via AI and deep learning technologies

Access Correspondence Letters

Extracts posting data and tracks reimbursement progress via workflow management

Access Payment Reconciliation

Streamlines the reconciliation process of ERA, ACH, EOB and checks

Access Patient Payments

Automates patient payments for posting

Access Denial Intelligence

Spotlights trends in denials to reduce receivables via prevention

Healthcare Payments Automation Center

Scalable, reliable, flexible cloud-based hosted data center on Amazon Web Services (AWS)

Check Processing

OrboAnywhere automates paper originated payments (i.e. checks, money orders, drafts) and remittances for balancing and posting while reducing risk and losses in the areas of check fraud, payment negotiability and compliance.

Anywhere Fraud

Transaction and image analysis for on-us and deposit fraud detection of counterfeits, forgeries, and alterations.

Anywhere Recognition

Divergent multi-engine CAR/LAR, ICR, OCR & AI check recognition for the Omnichannel

Anywhere Validate

Validate payment negotiability of paper originated items

Anywhere Payee

Match, read, and validate payees for risk and operational workflows

Anywhere Positive Pay

Payee name verification of business checks using issue files

Anywhere Compliance

Mitigate risk in check payments for OFAC, BSA/AML, UCC, Reg CC, and KYC

Restrictive Endorsement

Automatic validation of restrictive, mobile and non-restrictive endorsements

Traditional Products

Based on the Accura XV platform

20 UCC Provisions Every Banker Should Know

Credit: hrp_images now

The National Check Fraud Center has a no-nonsense, word-dense list of 20 UCC Provisions Every Banker Should Know. Go “check” out that link – – looks pretty daunting, doesn’t it?

Author Mary Beth Guard manages to keep it light, though, even in some of the longer explanations:

  • Section 4-209: Are you familiar with the encoding warranty? A person who encodes information on or with respect to an item after the item is issued warrants to any subsequent collecting bank and to the payor bank or other payor that the information is correctly encoded. If the customer of a depositary bank encodes, that bank also makes the warranty. (Note, although we don’t encode amounts on checks anymore, the valid amount requirements still apply.)
    Keep this warranty in mind if you are allowing one of your business customers (like a large department store) to encode checks it receives. Let’s look at what could happen with this warranty. John writes a check to Phoebe for $6,000. Phoebe deposits it into her bank. Her bank encodes the amount as $60,000 and credits her account for that much. Phoebe calls the bank’s data line and believes that she has found her pot of gold! She doesn’t know where the money came from and isn’t about to ask any questions. She withdraws all the funds and moves to an exotic island, never to be heard from again. In the meantime, John’s checks start bouncing. Upon investigation, he discovers that the check he wrote to Phoebe was paid for the wrong amount. He complains to his bank. Since the check was only properly payable for its actual amount, his bank must recredit his account for the difference between the real amount ($6,000) and the amount wrongly encoded ($60,000). His bank then goes against the encoding bank under a breach of warranty theory. Unfortunately, the encoding bank will have a hard time passing the loss on, since Phoebe is long gone with the money. The moral of the story? Make sure amounts are correct…

The list is from 1994, but the provisions and warnings remain valid. It’s a relief that recognition and image analysis technologies have leapt forward!  To address this scenario, banks can validate amounts that are both incoming and outgoing with Anywhere Validate.

Fast forward to 2018…With the July 1, 2018, Regulation CC Amendments now active, financial institutions offering remote deposit capture (RDC) and mobile remote deposit capture (MRDC) can better protect themselves and their clients from duplicate item indemnity claims by requiring and validating the presence of a restrictive endorsement consistent with an RDC or MRDC deposit.

These Reg CC rule changes generated bank interest for new Restrictive Endorsement Validation capabilities (REE) . Additionally, financial institutions want to utilize REE to stop teller and ATM check deposits which include RDC or MRDC endorsements.

To sign up for testing credentials of REE, please send a request to info@orbograph.com, or see additional recommendations for restrictive endorsements.

 

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