Billerica, Mass., October 23, 2013 – Orbograph, a premier supplier of recognition solutions for the U.S. check processing market as well as electronic/paper automation solutions in healthcare revenue cycle management (RCM), announced today that the company has delivered Accura XV 2.0 Distributed for general release; the most advanced phase of Orbograph’s Next Generation Recognition™ (NGR) Technology for teller image capture, remote deposit capture (RDC), check cashing and point of sale environments, as well as ATM/kiosk deposit processing.
NGR technology enables teller image capture, kiosks, ATMs and POS environments to attain virtually 100% read rate on retail transactions when using the V100 mode. Over-the-counter teller deposits are classified as “retail” when the transactions are comprised of one to five checks. Retail deposits typically represent 90%+ of all deposits in banks and 99% in credit unions.
ProfitStars®, a division of Jack Henry & Associates, Inc.® (NASDAQ:JKHY) that provides solutions to improve the performance of financial institutions and diverse corporate entities, validated the performance objectives in its labs and benchmarked the product offering internally specifically for its Alogent processing workflows. Jack Henry & Associates currently has more than 400 licenses of Orbograph products installed in its customer base.
Andy Leonhardt, VP of Sales for Orbograph stated, “Accura XV 2.0 delivers on the vision of simply dropping checks into a scanner to enable a fully automated customer experience. Banks and credit unions who have implemented image capture at the teller line can now achieve straight-through-processing at both the teller window as well as during image clearing.”
Accura XV also streamlines corporate deposits and RDC workflows limiting misreads to two in 1,000 items. Large deposits in RDC are particularly time consuming for merchants due to items which are misread by recognition software or miskeyed by operators. A typical 100 item transaction can experience two to four misread or miskeyed items and requires manual balancing on every deposit.
“It is critical that the marketplace know and understand the nature of these levels of performance. Not only is there a traditional business case based on operational impact, but V100 changes the dynamics around the customer experience. Even the employee experience is improved and facilitates an entirely different type of interactive exchange with the teller,” stated Barry Cohen, Co-President for Orbograph.
Orbograph (www.orbograph.com), a subsidiary of Orbotech, is a premier provider of recognition services and software for check processing in the financial industry and electronic/paper automation solutions in healthcare revenue cycle management (RCM). Orbograph technologies are in use in over 1,500 financial institutions, service bureaus and billers processing billions of checks and claims annually. Orbograph solutions are utilized by 20 of the top 30 U.S. financial institutions with in-house check processing. In healthcare payments, Orbograph P2Post and Orbograph E2Post utilize innovative EOB conversion technologies to facilitate and streamline the processing of payments and to automate the posting of receivables into practice management systems. Orbograph enables clients to envision more for their organization by reducing costs and managing risk while ensuring that achieving more is a reality.
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NOTE: Actual performance may vary according to hardware used, configuration or other factors within your processing environment. Statistics cited in this release do not constitute guarantees of performance. For more information, visit us online at www.orbograph.com.