Medical Lockbox
In the digital era, we tend to think payments are all traveling via this or that payments app. However, the latest PYMNTS/Ingo Money collaboration, “Insurance Disbursements Brief 2022,” noted the surprising prevalence of paper checks used for healthcare claim payments or disbursements. As reported at PYMNTS.com: This is particularly key because healthcare disbursements represent the…
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Banks and credit unions recognize that they need to modernize Key to modernization is collaboration Product and data silos, outdated infrastructure, and a risk-averse culture are obstacles The Financial Brand cites a recent report from the Federal Reserve that delineates three types of digital banking experience partnerships being sought by banks and credit unions seeking to…
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Digital payments are all the rage — convenient, quick, and accepted almost everywhere. However, Yahoo!Life reports that in GOBankingRates’ Best Banks 2023 survey of 1,000 Americans, they uncovered some counterintuitive results: 22% of respondents said they still write checks at least once a month. And surprisingly, of these respondents, the largest percentage belonged to those…
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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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Artificial Intelligence has been making waves over the past decade, establishing itself as a technology that will revolutionize nearly all industries in some capacity. The average consumer exposure to AI, ironically, typically involves news covered in media like ChatGPT — a chatbot launched by OpenAI which interacts with humans in a conversational manner — or…
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2022 has been an eventful year for the banking industry. Banks have embraced technology and the digitization of banking — confirmed by Gartner Inc predicting that banks and financial firms boosted their technology products and services investments in 2022 to the tune of $623 billion. As we look forward to 2023, our friends at Alogent…
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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.
Read More
The Financial Brand marked the end of the year with a look at what they consider the top five innovation trends to look forward to in 2023. Innovation has become a critical component of business growth in the banking industry. Beyond creating the ‘next big thing,’ innovation includes the creation of value through new or…
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78% of renters still pay by check Other industries dominated by checks Investments in tech to automate check processing As we noted in a previous blog, checks are NOT going away. In fact, our friends at Alogent reported that of non-cash payment methods, checks accounted for nearly 23% of the total value of payments in…
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The medical lockbox has existed for decades — with many banks offering this treasury management service to their healthcare clients. Traditionally, medical lockboxes are the consolidation point for paper payments and remittances, where banks process multiple payment types including ERAs, EFTs (ACH), checks, wire transfers, and now virtual cards. However, over the past decade, a…
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