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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

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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)

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

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.

  • The check is in the mail
  • Fraud awareness
  • Treasury checks and image analysis

The old adage "the check's in the mail" is somewhat appropriate right now as the government ramps up the stimulus program with $1,200 coming to many Americans.

In the OrboNation blog post yesterday, we provided a quick estimate of the number of checks which could be entering the system in coming months -- a worst case scenario has the total at 60 million (see how we calculated the number here).

Source: Forbes.com
Source: Forbes.com

Stimulus and relief checks are not new ideas, as reported by Forbes:

If you were working during the 2008 Great Recession or the 9/11 terrorist attacks, you might remember getting a check from Uncle Sam. There are three times in recent memory when U.S. households received a one-time check:

Fraud Awareness

For those of us who take check fraud seriously on a day-to-day basis, the idea that up to 60 million households in the United States will receive a paper check may be a bit daunting.

Of course, where there is money, there are scammers. Forbes notes two red flags for spotting scammers:

  • If someone asks you to pay an upfront fee to receive your check.
  • If someone asks for your Social Security number, bank details, or other personal details by phone.

United States Homeland Security Cyber Infrastructure (CISA) also provides guidance to citizens in avoiding these traps.

Senior on phone

Mail Arrives

Now that the payee or beneficiary of the check has it in their hands, what can they do with it? Check out all the ways a government check can be cashed.

 

Treasury Checks and Image Analysis

If your bank is cashing U.S. Treasury checks or only taking account deposits, there is an interesting challenge for the bank of first deposit (BoFD) dealing with Reg CC and funds availability. The BoFD is typically providing next day availability of funds on Treasury Checks, so ideally a BoFD would want to detect a potential fraudulent item prior to sending the check off for clearing. If not, funds will become available next morning to the potential fraudster.

There are several tools available to the market to assist with the overall process, including The Treasury Check Information System (TCIS), an application system designed to support the Bureau of the Fiscal Service (Fiscal Service) and the new URL for Treasury Check Verification Application website.

 

 
However, in a high volume deposit environment there are a variety of transaction analytic approaches to detecting fraud. But, many times catching a skilled/random counterfeit or alteration requires image analysis software.

How does it work?

  • Identification and classification of the Treasury check via MICR and layout recognition technology
  • OCR and AI-based recognition on relevant fields of interest
  • Compares content and location to anchor points of previously cleared checks within the profile
  • Scores check attributes based on absolute and relative variations along with image quality
  • Additional functionality: payee matching to account holder/depositor name and amount verification of the courtesy and legal amounts to deposit value

As these checks start arriving, one must use all tools available in order to mitigate the risk of fraud. May the force, and the FED, be with you!


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