Check Fraud Prevention
No, this is not a scene from a sci-fi action movie starring the immortal Arnold Schwarzenegger. As far as we know, there is no “Skynet” that has developed an artificial intelligence with the motive of eradicating all human life.
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The Architecture, Infrastructure, and Operations Booklet is one in a series of booklets that compose the Federal Financial Institutions Examination Council (FFIEC) Information Technology Examination Handbook (IT Handbook), prepared for use by examiners. As described at the FFIEC website: With the publication of this booklet, the FFIEC member agencies replace the “Operations” booklet issued in July 2004.…
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Artificial Intelligence can be a dizzying technology to understand. While the term gets tossed around everywhere you turn, it’s important for financial institutions to have a strong baseline of knowledge on the different types of AI, in order to better leverage the technology.
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Recently, Royal Bank of Canada (RBC) has taken an approach similar to that of OrboGraph’s OrbNet AI Innovation Lab to bring AI technology to the financial industry; partnering with NVIDIA and Red Hat to create Borealis AI. But what is Borealis AI? And what do they do? Well, Borealis AI describes themselves as: A world-class AI research…
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In case you missed it, over the past month, we have published incredible content on our OrboNation Blog and Modernizing Omnichannel Check Fraud Detection. Review the latest OrboNation Newsletter online or via PDF download.
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As a subscriber to the OrboNation Blog, you have undoubtedly seen articles involving Artificial Intelligence (AI) and GPUs and how this combination of breakthrough technologies are part of the future for banking. The adoption of GPU hardware is enabling the combination of a “New Standard” for solving the difficult problems of the industry in many…
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With “never go to a bank” Millennials becoming a bigger and bigger market force, compounded by the fact that pandemic lock-downs have encouraged even formerly tech-averse people to use online banking tools, one might think the reign of the bank and credit union physical, walk-in branch system is coming to a close.
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Billerica, MA, June 7, 2021 – OrboGraph, a premier developer and supplier of intelligent electronic and paper automation for check fraud detection, recognition solutions as well as healthcare payment electronification, announced the market launch of OrbNet Forensic AI as the core image analysis technology to the Anywhere Fraud software application version 4.1. Details are now available on recently modernized company’s website, www.orbograph.com.
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Stanford University’s 2021 AI Index Report is now available, and it goes into significant detail regarding Computer Vision, which is integral to the sorts of recognition tasks important in fraud detection and EOB processing.
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Trade Finance is recognized as a vital tool to fuel global growth and support the world economy, but, as pymnts.com notes, it is far from a perfect instrument. For decades, trade finance has been caught in a web of paper-based documents, creating bottlenecks and friction at nearly every point of the process, from onboarding to financing payouts. As the industry pushes to modernize, it’s also facing scrutiny over its relationship with credit risk. Critics argue that some trade financing products have actually encouraged large corporates to pay their vendors late or force those suppliers into expensive financing arrangements. At the same time, as witnessed in the ongoing Greensill Capital saga, the success of trade finance largely relies upon insurers’ ability to cover for losses in the case of non-payment.
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