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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

Product Videos

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

Corporate Video & Podcast

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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)

Modernizing RCM with AI

An informative resource to assist RCM companies in understanding how to solve today's problems with the help of AI.

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

Modernizing Omnichannel Check Fraud Detection

An informative blog series exploring payments fraud and image technologies used to fight financial crimes.

  • Fraud attempts affected an estimated $25.1 billion held in deposit accounts, ABA’s survey found, with $22.3 billion protected per the Banking Exchange
  • Prevention was the equivalent of $9 for every $10 in attempted fraud, per Dodd Frank Update
  • Attempted check fraud spiked 43% in two years, per

The American Bankers Association’s (ABA) 2019 Deposit Account Fraud Survey is one of the financial industry's best reports, providing aggregated industry-wide fraud statistics along with tons of details covering losses, attempts, labor overhead, threat level projections, all broken into individual payment types and deposit channels. It's the best $400 (for ABA members) or $800 (for non-members) a banker or vendor could spend!

Big Picture Interpretation

But what's a reader to think of the top three bullets from these reputable industry publications? On one hand, there is a message that banks are protecting payments and doing a pretty good job at it. On the other hand:

  • $2.8B of losses were incurred in 2018, up from $2.2B from 2016 (27%)
  • Fraud attempts increased from $19.1B to $25.1B (31%)

If we take step back and look at numbers historically, this new report basically gives us perspective. Not all payments experienced increases. Good news. Check fraud experienced the largest spike overall. Fraud against electronic channels could be the scariest, going from a mere $31M losses in 2014 to $265M in 2018.

Blame Check Losses On EMV and...

Keeping up with industry trends is incredibly important to software vendors and financial institutions. The inherent lag time between studies, such as this one, creates a window of uncertainly.

In early 2017, we saw a possible storm brewing:

  • EMV being implemented in the credit card industry in 2015 and 2016
  • Banks were being pressured to provide faster funds availability
  • Mobile RDC and RDC deposit channels were assuming greater risk by increasing deposit values, making it easier for consumers to deposit checks

Our theory was that fraudsters would try new techniques to penetrate the existing check channels. What happened? Now we officially know...


What's Next?

The State of Check Fraud in Financial Institutions – H1: 2017 Market Research completed by OrboGraph was spot on. While less statistically broad in its scope, it revealed much of the same trends, but ahead of the curve (Click here to download).

In 2020, one word comes to mind when looking at the ABA study: Opportunity! The opportunity to identify gaps, improve technologies, and try to reverse this new trend. Many banks are already revamping their prevention measures by implementing new machine learning systems and new decision support platforms along with image analysis, the "check-specific" tool needed as part a best-in-class check fraud detection solution.

The ABA study is of great value because it provides a consistent baseline to the industry with plenty of details. We fully endorse this report and recommend you purchase it if you are in the field of payment processing. OrboGraph is supporting the industry by working with banks and business partners (such as Deluxe, Actimize, Alogent, and others) to help fight financial crimes against banks. Let us know if you have feedback or specific data points for us to consider.

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