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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.

Platform Modernization

Modernizing payments in the banking and healthcare industries

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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

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Increased accuracy levels, decreased error rate for healthcare payments posting

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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

Access Correspondence Letters

Extracts posting data and tracks reimbursement progress via workflow management

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

Access Patient Payments

Automates patient payments for posting

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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

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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

Restrictive Endorsement

Automatic validation of restrictive, mobile and non-restrictive endorsements

Traditional Products

Based on the Accura XV platform

Fed Leaps Into Real-Time Payments

The Federal Reserve announced last week that it is working on a real-time payments system, the biggest infrastructure upgrade embraced by the government body since the ACH system went online in 1972.

At a speech in Kansas City, Mo., Fed Governor Lael Brainard confirmed what the payments industry has long awaited, and she said the real-time payments system would be called FedNow.

As reported at PaymentsJournal:

“FedNow will permit banks of every size in every community across the country to provide real-time payments,” said Brainard. She did not give a specific date on when FedNow will be operational, but said it is expected to become available in 2023 or 2024.

During her speech, Brainard explained how the decision required a lot of thought and dialogue with all the relevant stakeholders, dating back to 2015. After much consideration, the Fed determined that FedNow would provide much needed competition in the real-time payments space.

Brainard reasoned that the private sector acting alone faced too many challenges in creating a nationwide real-time payments network accessible to banks of all sizes. Thus the Fed felt the need to provide an alternative, building on the Fed’s historical role of overseeing payment networks connecting banks across the country.

“The U.S. real-time retail payment infrastructure stands to gain from competition, including through higher service quality and lower prices over the long run,” said Brainard.

Safety was another reason the Fed cited for its FedNow service. “We are mindful of the serious safety issues associated with a single point of failure, a risk that will rise as faster payments grow,” she said.

The payments industry is very pleased with this announcement, of course, since it is designed to enhance the payments space — under the Monetary Control Act, in order to create its own system, the Fed must show that it is providing a service the private sector cannot. The FedNow system should be available in 2023 or 2024, roughly in line with a timetable that the central bank established back in 2013, but well behind the subsequent goal of a Fed-convened task force, which had predicted that by 2020, everyone in the U.S. should be able to receive fast, secure payments.

DigitalTransactions quoted Steve Mott, principal at BetterBuyDesign, a Stamford, Conn.-based consultancy:

“The winners from the FedNow decision are the users of the payments system–consumers, merchants/corporates, and financial institutions of all sizes. The Fed has more than proved its mettle in payments—ACH, wires, checks—so it makes perfect sense to do digital payments as well.”

The Fed is taking the initiative to drive adoption of real-time payments, a step in the right direction — one that OrboGraph fully supports as we continuously investigate ways to smoothly integrate both check and healthcare payment automation into this ecosystem.

Be on the lookout for future articles on how we can leverage check fraud prevention techniques that coincide with the new world of instantaneous payments.


This blog contains forward-looking statements. For more information, click here.

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