OrboNation Blog

Magnetic Ink Character Recognition traditionally required scanners to read MICR code Today many checks are not printed with the magnetic ink needed for MICR What are the implications of phasing out MICR? The Troy Group is a technology and security solutions company specializing in secure check and document printing. In a recent post entitled The…

Check usage has actually increased in recent years Checks persist for many reasons, including it’s role as an “easy solution” Retailers are actually moving away from cash Recently, data from AFP on business check usage noted that use of paper checks jumped from 75% in 2023 to 91% in 2024. Take On Payments, a blog…

President Trump issued an executive order calling for a shift by federal government agencies away from paper checks The deadline for this shift is September 30 The Center for Taxpayer Rights expressed concerns on behalf of underbanked and unbanked Americans As reported in Payments Dive, the U.S. Treasury Department is facing significant pushback after revealing…

Small and “micro” businesses make up nearly 100% of all businesses These SMBs find themselves often underserved in the banking zone A Deloitte survey says SMBs want banking experiences that compare to retail Small and micro businesses (SMBs) make up over 99% of all U.S. businesses, but they are a largely underserved segment when it…

Payment modernizations are becoming common Some businesses, however, have not taken advantage of new technologies Collaboration between financial institutions and businesses is important Over the past few years, financial institutions, along with fintech vendors, have taken the initiative in pushing innovation and new technologies to modernize payments. While new payment rails get a majority of…

Zillennials are in the 20-something to early-30s age group Most Zillennials do thier banking via smartphone Banks need to adjust to Zillenial banking habits Who are these “Zillennials” you ask? Well, they’re the generation that straddles the line between millennials and Gen Z – the 20-somethings and early 30-somethings who grew up with smart phones…

An executive order eliminates payments by check This could present difficulties for senior citizens In the end, checks will likely persist On March 25, 2025, the administration signed an executive order entitled Modernizing Payments To and From America’s Bank Account. The Sec. 3. of the executive order details actions to take place, noting that: Effective September…

AI is difficult for some bank to adopt The right strategy allows late-adopting banks to succeed A structured, enterprise-wide approach to AI deployment is crucial Despite the transformative potential of artificial intelligence (AI), we’ve seen many banks struggle to scale their AI initiatives beyond the proof-of-concept stage. As outlined in a recent post on BAI.org…