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

Faster Payments May Not Be Fast Enough…To Market

They are called the Faster Payments Task Force. They’ve chronicled 252 meetings and teleconferences, 19 surveys and votes, and 120,000 estimated hours of work, the chronological equivalent of 13.7 years. The output is two impressive strategic reports totaling 126 pages, part one released a year ago this month, part two in July.

And in retrospect, that might be the easy part.

Lauri Giesen at BAI Banking Strategies describes the process:

The journey began with a January 2015 paper, “Strategies for Improving the U.S. Payments System.” The task force formed in May that year, comprised of more than 300 participants from all walks—from ADP to the IRS,  Wells Fargo to WalMart, Visa to NASA . (Yes, NASA. Their payroll is astronomical, you might say.)

The next task: An anticipated two-and-a-half years to create a unified method of handling real-time payments. Then, this technique will have to be standardized across the board for all banks regardless of their affiliation. On top of the prep and process is, of course, a new platform. This will be a truly amazing feat and we are all waiting for it…

Time to Market 

But seemingly out of nowhere comes a new competitor known as cryptocurrencies.

A few months ago, many in banking believed Bitcoin was a scheme to make money and feed money launderers. Now Bitcoin is trading on Wall Street this week in the futures market! These coins, one could argue, are cheaper, more efficient, and are a less controlled alternative than bank-driven products, with fewer fees as well. No one knows the true chances of Bitcoin taking over cash, wire, and other critical payments. But, what if adoption skyrockets? Might it leapfrog Faster Payments? I’m sure for some early adopters, it will.

On the flip side, it’s a bit paradoxical that this post will also mention checks! If we’ve learned anything in studying payment behaviors over the past decades, it’s that the check enjoys durability and longevity due to the fact that it serves a fairly stubborn niche that is slower to change and looks at something like Bitcoin the same way they might regard a self-driving car — neat idea, but I’ll stick with the steering wheel, thank you.

For the (substantial) “hands on the wheel” segment, OrboAnywhere technologies are there to reduce operating costs and fraud losses in the paper-originated payments world. The beauty of the payments world is that if you want to survive, you must innovate, and we are seeing it at all levels!

 

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