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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

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

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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

Access Payment Reconciliation

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

Anywhere Positive Pay

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

Kill the Check? "Kill the Check!" Says electronic payment advocate…

You’ve probably read a lot of reasoned thoughts about how to improve payment speed and increase electronic payments, but you likely have not encountered the full-on assault to “Kill the Check” as highlighted on PYMNTS.com in their article The Fastest Path to Faster Payments in the US.

Lets call it an entertaining, aggressive academic article which sends the message of a perfect payments world…

Of course, it forgets to mention that our friends across the pond in the U.K. tried to do the same thing, and got slapped back by consumer groups and customer demand to not discontinue “cheques.” The fact that the U.S. still has 15-19B checks per year, with corporate payments increasing as a percentage of the total, makes “checks” a critical part of the payments mix.

PYMNTS.com states:

“…checks between businesses are growing. According to the Fed’s recent stats, 29 percent of the checks written today in the U.S. are checks from one business to another – some 6 billion of them. Not only is that up by more than half a billion from last year, but the value of those checks is increasing, too. The average check amount in 2015 was $1,487 – the highest it’s been since 2007, when it was $1,590.”

As we look into our crystal ball and obtain feedback from the market, banks are looking to solve problems. They want to more effectively automate transactions and feed downstream analytics/big data-type systems. Also, as check volumes running through self service channels are growing, validating the images of checks which are no longer reviewed by humans is a critical risk and compliance function (see Real-Time Image Validation).

Are we going to see a cascade of #killthecheck hashtags in the near future? Sure, the electronic advocates beat that drum, but he rest of the industry? Let’s say they prefer to evaluate solutions to facilitate straight-through-processing and build creative products around new and existing check workflows.

 

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