OrboNation Blog
As reported at McKinsey.com, an analysis by the McKinsey Global Institute (covering more than 800 jobs and over 2,000 work activities) showed that: Globally, almost half the activities employees perform—which account for nearly USD 16 trillion in wages—could potentially be automated using existing proven technologies. Automation will transform far more jobs than it will eliminate.…
Solutions address image-based, real-time fraud prevention and risk mitigation for check transactions Billerica, MA, August 19, 2019 – OrboGraph has been recognized by CFO Tech Outlook Magazine as one of the “Top 10 Financial Fraud Detection Solutions Providers” for 2019. OrboGraph is a premier developer and supplier of intelligent electronic and paper automation in recognition…
The Federal Reserve announced last week that it is working on a real-time payments system, the biggest infrastructure upgrade embraced by the government body since the ACH system went online in 1972. At a speech in Kansas City, Mo., Fed Governor Lael Brainard confirmed what the payments industry has long awaited, and she said the…
It may come as a surprise to those outside of the payments industry, but handling cash — real dollars and cents — is actually not an effortless “default mode” for retail businesses. In fact, as illustrated at RetailSupplyChains.com, handling cash is a complex, potentially expensive process: Where there is a cash, there is a cost,…
We’re sharing an interesting — and obviously Canadian — ode to “cheques” today. We’ll even maintain the north-of-the-border spelling. Do you know what is common between U.S. and Canadian companies? Both still write lots of checks! See what the Financial Post shares as a bit of esoteric insight: Why do many Canadian businesses insist on…
Microsoft Corp. will stop supporting its Windows 7 operating system next January, which is a bellwether to both independent operators of ATM machines and large financial institutions — time to update! Digital Transactions reports that independent ATM operators seem to have the upper hand in the conversion race: Independent ATM owners’ decision to eschew Windows…
In the banking industry, AML/KYC (Anti Money Laundering and Know Your Customer) was previously a very slow, methodic process — the government would put out their lists of sanctioned bad guys (hostile governments, drug kingpins, organized crime organizations and affiliates, etc.) and compliance teams would then carefully (and manually) check onboarding customers to make sure…
In the third annual edition of its “The Best Bank for You” report, Kiplinger identifies top picks among national, regional, and internet banks, as well as credit unions, that offer the best combination of high rates, low fees, and a customer-friendly focus. Many of these institutions are customers of OrboGraph, so it’s is great to…
An article from Digital Transactions finally quantifies the relationship between payments fraud and terrorism! Startling facts in this report show that, outside of pure fraud losses, there is a crucial national security component to fraud prevention. Information-security firm Terbium Labs, in its “The Next Generation of Criminal Financing: How Payment Fraud Funds Transnational Crime” report,…
For all the upbeat and optimistic talk about Artificial Intelligence and its emerging role in the banking industry (not to mention healthcare), it’s certainly well worth taking the time to examine the issues of ethics and privacy as they relate to deployment of these new tools. David Lott, a payments risk expert in the Retail…