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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.

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Modernizing payments in the banking and healthcare industries

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Operationalizing AI & Self Learning in Checks

Revolutionizing check processing and fraud prevention for the banking industry

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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

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Extracts posting data and tracks reimbursement progress via workflow management

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Streamlines the reconciliation process of ERA, ACH, EOB and checks

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Automates patient payments for posting

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Spotlights trends in denials to reduce receivables via prevention

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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.

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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

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Validate payment negotiability of paper originated items

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Match, read, and validate payees for risk and operational workflows

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Payee name verification of business checks using issue files

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Mitigate risk in check payments for OFAC, BSA/AML, UCC, Reg CC, and KYC

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Automatic validation of restrictive, mobile and non-restrictive endorsements

Traditional Products

Based on the Accura XV platform

“My eyes popped out of my head”; Checks Still Have Life

check processingBrad Kvederis, marketing and research manager at Digital Check Corp., a Northbrook, Ill.-based marketer of check-scanning equipment, makes it his business to keep tabs on trends in overall check volume. He tells Digital Transactions News that he was “surprised” by the longevity checks have in spite of so many predictions of their demise:

Kvederis points to a succession of four electronic alternatives that have pushed some—but by no means all—checks out of the payments stream since the early 1990s: direct deposit, credit cards, debit cards, and prepaid cards. Indeed, check volume fell sharply after 2000, when total items numbered more than 40 billion, as Kvederis shows in a white paper he prepared this summer, “The Reappearing Check: Why the Decline of Paper Finally Slowed.” But now, instead of disappearing by 2021, checks are still 18B strong (according to ECCHO) and slowing their decline (actually increasing in B2B per AFP).

Kvederis points to small businesses as one of the primary “clingers-to-checks.” Existing electronic alternatives cost too much or simply don’t fit their requirements.

What might make another run at checks, according to Kvederis? The following combination of three requirements:

  • it must be easy to sign up for
  • it must work flawlessly
  • it must be either free or very cheap to use and accept

Transaction News points to the “fledgling” Zelle person-to-person payment network launched in June by many of the nation’s major banks. Their primary target market, may have already abandoned checks for PayPal and Venmo, so there may not be a noticeable change.

Meanwhile, OrboGraph is seeing a bit of an innovation burst in check right now. Several major players, are investing in new cloud or payment  hub platforms which will take advantage of the OrboAnywhere solution set.

As for Mr. Kvederis’ eye condition — his vision has fully recovered and he is looking positively toward the future of check at Digital Check!

 

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