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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May 20-21, 2019
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News and trends for 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

Message to Small Banks: Tech is a SOLUTION, not a PROBLEM

Small banks are at a crossroads: adopt new technologies or face the possibility of shutting the doors.

According to Americanbanker.com:

For community banks in highly competitive markets, service with a personal touch can be a differentiator to win and keep customers. But when legacy technology hampers the customer experience, all the cups of coffee in the world won’t help.

The story at Americanbanker.com describes how board members of R Bank in Round Rock, Texas — one of whom is Hall of Fame pitcher Nolan Ryan — committed to an investment in a systems overhaul at the $455 million-asset bank.

“They understood,” CEO Steve Stapp said of the directors. “If you don’t continue to grow, you’re not going to survive.”

It’s no secret that small and mid-sized financial institutions have been somewhat slow to climb the innovation mountain. But how much are small to midsize banks investing in their technologies? The chart below shows a very interesting comparison — for banks under $250M, the ratios are very high.

The article goes on to note that overall bank technology spending will increase 4% this year, but 65% of spending will still go toward maintaining existing systems rather than new technology.

R Bank took a different route, however:

The bank purchased a new a core account-processing platform from Fiserv after six months of vetting vendors. The new system is scheduled to go live by the end of July. According to Stapp, it will eliminate many manual processes and provide employees all of a customer’s banking relationships in a single digital view.

The new tech will allow employees to work more efficiently, which Stapp said is key for drawing younger customers.

“Our employees will be able to react quicker and provide information in a timelier manner,” he said. “They can work faster and don’t have to spend as much time with each customer. That’s important in attracting the younger generation of customers and those following them — they don’t like to wait and want an immediate response on something.”

The truth is, while core system replacements can be daunting — financially and organizationally — it’s the kind of bold action that will keep smaller banks in the game as they are able to serve the preferences of younger markets. Even in the small bank market, there is a move toward modernization of platforms. Automation technologies like OrboAnywhere support this in the area of check processing by driving efficiencies to new levels across the omnichannel of the financial institution.  That enterprise-wide impact can be an eye-opener for not only operations, but for the board of directors.

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