Resources

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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News and trends for 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

Product Videos

See how each product/service module of OrboAnywhere and OrboAccess delivers value from our check and healthcare payment platforms

Corporate Video & Podcast

See and hear how OrboGraph incorporates AI, deep learning and self learning technologies into its product suite

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 Reconcilliation

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)

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

Restrictive Endorsement

Automatic validation of restrictive, mobile and non-restrictive endorsements

Traditional Products

Based on the Accura XV platform

Check Fraud: The Corporate World Provides a Big Target

While the consumer “civilian” world has pretty much learned and accepted the “don’t take checks from strangers” rule, the corporate world is both slow to adopt that guideline — and often unable to. This is due to the fact that suppliers like the “float” advantage they enjoy with check payments. (“We paid you on Tuesday as per our agreement” means you indeed got a piece of paper on Tuesday that will take a few days to actually impact their financial institution, so the transaction is not actually complete for days following the receipt of the check — see Corporate Banking Customers Stick With Checks – Can You Guess Why?)

A reluctance among corporations to make instances of check fraud public, along with the media’s focus on consumer payments fraud, are two of the primary reasons why Heather Campbell, digital marketing & content manager at TROY Group, said B2B check fraud continues to fly under the radar:

“Companies keep quiet, so media outlets don’t know this is a huge issue,” she told PYMNTS in a recent interview. “On the consumer side, if you don’t know who it’s from, you know not to cash the check. You hear that a ton. But look at the business side, it’s very hush-hush.”

The surprise: Only 10 percent of executives said they were concerned with check fraud! What’s on their minds?  70 percent of survey respondents reporting cybersecurity risks to be a top concern.

While not minimizing the cybersecurity threat, it’s important to realize just how important check writers are on the consumer and corporate side. A recent BAI Banking Strategies Executive Report outlines some impressive statistics:

  • Account holders with annual income of $150,000 and up tend to write multiple checks monthly, according to The Financial Brand.
  • Frequent check writers acquire roughly five financial products and services from their primary financial institution—two more than non-check users.
  • Primary financial institutions win approximately 50 percent of new product sales.

Bottom Line: Checks remain strong in the consumer and corporate realms, and it’s paramount to deploy a fraud solution that utilizes image and transaction analysis to mitigate the risk of check fraud.

 

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