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

Modernizing Legacy Technology; A Path to Success

Alfredo Alvarez, a principal at Liberty Advisor Group, writes in his article how modernizing legacy technology wins the digital customer:

Nimble new entrants and rapidly increasing customer expectations for digital products and services continue to disrupt financial services firms. In response, financial services organizations have made significant investments in agile development and DevOps (development and operations) capabilities to improve customer experience and accelerate speed to market.

But the benefits of these investments have not been fully realized as many of the firms did not modernize legacy systems.

Alvarez outlines seven steps that financial institutions should take when pursuing modernization:

  • Step 1: Determine strategy and goals.
  • Step 2: Outline key performance indicators.
  • Step 3: Define related capabilities.
  • Step 4: Create a technical/architectural strategy.
  • Step 5: Establish targets and plans.
  • Step 6: Provide ongoing transparency.
  • Step 7: Manage the effort.

Read the full article at BAI Banking Strategies for valuable expansion on each step.

Meanwhile, Deluxe Corp. is bringing legacy technology up-to-date, partnering it with digital tech by integrating its eCheck technology with Inuit Inc.’s QuickBooks accounting software.

Why is this significant? Quickbooks is the accounting software of choice for a large segment of the nation’s small businesses as well as many corporate banking customers.

More than 2 million small businesses use QuickBooks Online, while 1,500 new small businesses begin using the online program every day, Deluxe says. Deluxe has about 4.5 million small-business customers. In 2017, companies using Deluxe’s eCheck technology generated checks totaling about $5 billion, compared to $2.4 billion in 2016 and $1.1 billion in 2015.

The integration is expected to automate check writing and delivery for small and midsize businesses, many of which continue to rely heavily on paper checks to pay invoices, while allowing them to maintain the control over their cash flow that comes with the float a paper check provides. Float is the delay in the movement of funds between the payor and payee during the period after the check is cut and before the funds actually are debited from the payer’s checking account.

Deluxe’s e-Check technology, which the company acquired in 2015, lets businesses create an electronic check, then send it to the recipient via email. The payee can then print out the check & deposit it at their bank as they would a standard paper check.

Now small and mid-sized businesses get the best of both worlds. They get the “float” that traditional checks offer, along with digital transfer to payees that eliminates printing and mailing fees.

These two are good examples of legacy technology modernization from two widely different markets. OrboAnywhere Intelligent Payment Automation takes this platform modernization approach to new levels in check payments…

 

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