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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

See and hear how OrboGraph incorporates AI, deep learning and self learning technologies into its product suite

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.

Federal Reserve System Graphic

The Federal Reserve released the 2019 Federal Reserve Payments Study Executive Report on December 19, 2019. Based on 2018 compared to 2015, aggregate payment growth in “core noncash payments,” including debit card, credit card, ACH, and checks, were up as a whole by 6.7% representing an incremental 30.6 billion transactions valued at $97B!

Comparing actual transaction volume of 2018 to 2015, credit cards lead the way with a 9.9% increase, debit cards were up 8.4%, and ACH received the bronze medal with 6.0% growth. Meanwhile, checks were estimated to deliver a 7.2% decline based on years compared. It’s too bad we don’t have cash estimates as well.

What’s a “Check Person” to Think?

For those still committed to the check industry, a 7.2% drop doesn’t sound like a future with job security. However, there is an encouraging story behind the numbers for this legacy payment. The numbers are not so bad…

  • First, there are actually 16B checks written; 14.5B paid, and; 1.5M being converted to ACH by the payee or lock box.
  • Second, the baseline from 2015 may have moved. OrboGraph helped clarification of industry volumes at this webinar in 2016. At that time, the numbers estimated were 18B. If you reconcile the percentage drop from 18B in 2015 (reported in the webinar) to the 16B three years later, the drop is 3.7% per year.
  • Lastly, the average value of an individual check rose significantly, from $1,609 in 2015 to $1,779 in 2018 (10% increase) with a total value of $26.20 trillion (not including converted) and from $1,468 to $1,635 (based on the $16B checks). Much of this due to continued utilization in the corporate and treasury world.

Double Dipping on the Impact of Checks

One of the unique attributes of a check payment deals with the number of touch points of the check payment process. For every check written by the maker (payor) of a check to a payee, a bank of first deposit (BoFD) typically takes a deposit and processes the item. The check is cleared and the paying bank then debits the account of the payor or maker of the check. Sometimes a clearinghouse must process the item, a 3rd party, BPO, or correspondent bank. This means that to a processing entity, a check is processed at least twice, if not three to four times.

From a processor’s standpoint, it means there are some 32B+ transactions which are fair game for processing. That might mean capturing and performing recognition, payment validation, verifying amounts, running fraud detection, checking compliance, and/or balancing.

More Can Be Accomplished

Ok, we get it. Checks are going to keep declining and the battle for market share advocated by existing and new payment companies with big marketing budgets will drive more volume in the direction towards credit, debit, and real-time payments. However, there is still a strong need to continue to automate and protect check processing with technologies like image analysis, AI, machine learning, and deep learning.

It’s still a healthy check environment where robust investment continues for platform modernization. Don’t let check volume numbers discourage you from striving for straight-through processing!

This blog contains forward-looking statements. For more information, click here.

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