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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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 Reconciliation

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

Corporate Clients See Payments Fraud on the Upswing, Says AFP: Modernization Needed

The 2018 AFP Payments Fraud Survey, underwritten by J.P. Morgan, has some alarming fraud news for corporate clients and the treasury departments of financial institutions. Overall payments fraud reached a new peak in 2017, after experiencing a downswing earlier in the decade. A record 78% of all organizations were hit by payments fraud last year, according to the survey of nearly 700 treasury and finance professionals.

AFP Graphic

Checks continue to be the subject of more fraud than any other payment method in the survey, with 74% of respondents reporting this form of attack. Wire fraud followed at 48%, while corporate card fraud ranked third at 30%. Here is an example of a common use case:

  • Use case #1: “Recently someone was issuing checks to individuals for work done over the internet. The checks were forged from one of our disbursement accounts.”
  • Solution #1: “They were all caught with Positive Pay and returned.”

However, many times, fraudsters take a blended approach!

  • Use case #2:  “We discovered counterfeit checks and ACH debit fraud on an account that did not have Positive Payee feature or ACH debit block because of the urgency to open account.”
  • Solution #2: “We added the necessary filters and notified the bank of the fraudulent activities. I cannot stress enough the importance of Positive Payee.”

Business email compromise (BEC) played a major role in payments fraud in 2017, with 77% of organizations experiencing BEC in 2017. Additionally, 54% of BEC scams targeted wires, followed by checks at 34%. The good news is that 77% of organizations have implemented controls to prevent BEC scams.

“It is alarming that the rate of payments fraud has reached a record high despite repeated warnings,” said AFP President and CEO Jim Kaitz. “In addition to being extremely vigilant, treasury and finance professionals will need to anticipate scams and be prepared to deter these attacks.”

Related to corporate remote deposit capture (RDC), it’s been running under the radar. However, many banks are now expanding their deposit limits, so there will be incremental risk in the future. Mobile RDC is now expanding into the small business arena as well. This category of deposit would ideally see advanced validation approaches on these transactions.

Think about check fraud in today’s market — not as a negative, but as an opportunity.  Why?  Checks are healthy, (against the predictions of pundits) and there are ebbs and flows in fraudster behavior. This could be a by-product of the EMV protections implemented for credit cards over the past two years.

Now is the time to modernize features on the corporate check image side. There are several essentials:  Positive Pay, Positive Pay with Payee Name Verification, or minimally Payee Verification. Additionally, banks and corporate customers have not implemented image analysis features like Automated Signature Verification and Check Stock Validation aggressively.

Many banks are evaluating ways to modernize fraud prevention for corporate clients and retail accounts as well. Fraud vendors and financial institutions need to get serious on how to implement significant improvements with image analysis and recognition to further protect the check.

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