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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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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

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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

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

How Social Media Turned Wells Fargo’s Mobile RDC Speed Bump Into a PR Issue

Bloomberg News photo.

Hats off to Wells Fargo for taking a position which protects themselves and their clients against fraud losses…even if there are bumps along the way. Sometimes risk mitigation has a price in terms of review processes, funds availability or customer service for a select few.

In an effort to protect itself and clients in light of the amendments to Federal Reserve Regulation CC — Wells Fargo Bank had their app advise customers that the restrictive indorsement/endorsement “For mobile deposit to Wells Fargo Bank only” should be added to checks being deposited via mobile.

Unfortunately, the Wells Fargo app was not quite on the same page… as reported on RemoteDepositCapture.com:

“Went to quickly deposit a check via mobile app. App said endorse it with ‘for mobile deposit to Wells Fargo Bank only’,” tweeted a Wells customer who goes by the Twitter handle THE Harper. “I did. App won’t deposit check. Says ‘go to [bank branch]. I’m in [Oklahoma]. There aren’t any [Wells branches nearby] and now Bank of America can’t take it.”

That was just one of several frustrations vented on social media as a subset of Wells Fargo account holders found themselves unable to make deposits via their mobile app, with no access to a local branch.  Ironically, in detailing the amendment that went into effect July 1st, an example for the restrictive endorsement reading “for mobile deposit to” the RDC bank was specified. So, Wells Fargo wasn’t experimenting with new language.

We believe that banks do receive strong risk protection with accepting “For Mobile Deposit Only” and allowing the use of the mobile check box as well. However, the market is going to dictate the path to best protection and least customer resistance. Here’s Lexology’s view.

Any restrictive endorsement for mobile deposits will probably cause some issues — that’s just the cycle of “technological adoption.” What consumers don’t want, though, is another feature which rejects check deposits, as today’s success rates still vary between 65-90%, based on the parameters of the financial institution.

However, do not despair…new technologies are now upon us!  Successful Restrictive Endorsement Validation using AI and Deep Learning to distinguish wording, layouts, and location can achieve positive confirmation rates in the mid 90’s!

The challenge, at least initially, will be in managing potential social media storms initiated by customer frustration. Isn’t that marketing’s job? So the challenges can now be overcome! On the positive side, Wells has an opportunity to educate their clients as to why restrictive indorsements are highly beneficial by protecting against accidental duplicates and how they help prevent fraud! Well done Wells!

Be sure to check out RemoteDepositCapture.com’s Guide to Restrictive Indorsements, available to purchase at their website.

 

 

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