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AI and Deep Learning-Based Check Recognition
Check recognition is the most important component in today's check processing and omni-channel capture. Learn how OrboAnywhere using OrbNet AI technology reduces costs and mitigates risk for any check image capture workflow.
In this healthcare-focused blog publication, we cover payment and remittance topics affected by electronification, provider receivables, COVID-19, denials management, and various payer reimbursement topics
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 and compliance. Leveraging a combination of divergent amount recognition (i.e. CAR/LAR, OCR, ICR) and image analysis technologies, OrboAnywhere drives value within image capture across the omnichannel of financial institutions, service bureaus and corporate clients. Our systems are proven to reduce operating costs and fraud losses by as much as 50% and are typically licensed via a termed license of subscription model.
Anywhere Fraud is a specialized module within OrboAnywhere designed to detect check fraud by leveraging image analysis technologies based on OrbNet Forensic AI. This digital image forensic inspection is typically blended with transactional analysis, interrogating the attributes of on-us check images and metadata.
On-us items also enter the omni-channel via teller/branch, mobile, and ATM channels. In these situations, real-time detection can help stop fraudulent check cashing and cash withdrawals within split deposits.
Check fraud continues to be a persistent industry problem due to a reliance on transactional analysis systems. This approach severely limits a financial institution’s capability to detect counterfeit, forged, and altered checks without the use of image forensics.
Anywhere Fraud is a specialized module within OrboAnywhere designed to detect check fraud by leveraging image analysis technologies based on OrbNet Forensic AI. This digital image forensic inspection is typically blended with transactional analysis, interrogating the attributes of on-us and deposit/transit check images and metadata.
As part of the OrboAnywhere platform and suite of automation, fraud and risk solutions, Anywhere Recognition is leading the industry in check processing platform modernization for financial institutions, service bureaus, and remittance processing providers.
Anywhere Recognition reads and extracts targeted field data on check images captured from scanners or mobile devices. Preauthorized drafts, money orders, internal bank tickets (i.e. general ledger, deposit slips, loan coupons and cash tickets), remittance coupons/stubs and other similar sized documents are also read successfully.
Preventing deposit fraud is a specialized and difficult challenge for many financial institutions due to the nature of transit checks. FI’s use a variety of approaches ranging from 100% manual review to fraud filters or machine learning. Many deploy payment and deposit verification services as well. Unfortunately, counterfeit, forged, and altered checks many times go undetected.
OrboGraph detects deposit fraud via the use of multiple OrboAnywhere modules including; Anywhere Fraud, Anywhere Validate, and Anywhere Payee. These modules rely on image forensics (OrbNet Forensic AI) and image recognition (OrbNet AI) to deliver a unique blend of protection to the FI and its clients on deposited items.
Anywhere Validate is a risk scoring and data extraction solution which automatically validates the negotiability of paper-originated items from any self-service, centralized/distributed capture channel or image exchange trading partner within the omnichannel of a financial institution. Designed to minimize the risk of checks and cash equivalent images from being non-negotiable, the system delivers a more comprehensive approach compared to traditional image usability testing or manual review.
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Anywhere Compliance uses advanced check recognition technologies to extract a range of field data from checks and other paper-originated negotiable payments. Fields include the payor, payee, bank and amount data. This information is then used to mitigate compliance risk in the areas of OFAC, BSA/AML, Reg CC, UCC and KYC.
Accura XV, our 15th anniversary check recognition solution, is field proven delivering hundreds of clients over 90% read rate with 99% accuracy across a wide range of scanners and diverse bank document mix. Check read rates in version 1.2 have climbed to as high as 95% depending on the mix. Additionally, Accura XV-based image quality/usability (IQUA) tests improve detection rates of image defects.
Now with OrboGraph\'s new Next Generation Recognition Technology, Accura XV\'s V100 mode attains virtually 100% read rates on small transactions in Teller Image Capture. Meanwhile, large transaction misread levels can be tuned to as low as 2 per 1000 items.
Automation Services utilizes up to 20 recognition and automation technologies tightly integrated into a single service.
Automation Services LE (Local Engine) relies on up to 15 different recognition technologies (Accura XV with Next Generation Recognition) to attain local engine performance with guaranteed automation/read rates of 90% and accuracy levels of 99%.
ATMs have evolved from simple cash dispensers and check deposit devices to offering a myriad of multi-channel payment options along with advanced imaging and receipt capabilities. As financial institutions and retail stores expand on self service functionality, ATM\'s and kiosks can provide incremental value to consumers and streamline staffing models. Now is the time to utilize new technologies in check recognition which can validate the fields of the check, improve automation and accuracy, reduce fraud risk and improve the user experience.
The check cashing process for companies in the money services business (MSB) is traditionally manually intensive with many risks. Applying high performance CAR/LAR and check recognition technologies to read and validate the fields of the check, can streamline manual processes, reduce fraud risk and improve the user experience.
New low cost scanners, mobile devices, cloud-based processing and new payment options now enable large corporates, small retailers and sole proprietors to process checks very cost effectively at the point of sale. Check recognition technologies fit well into these new platforms to validate the fields of the check, streamline manual processes, reduce fraud risk and improve the user experience.
Customers using check scanners, flatbed scanners or mobile devices for remote deposit capture (RDC) expect a high degree of functionality and efficiency. Applying high performance CAR/LAR and check recognition technologies can not only streamline the process, but reduce fraud risk and improve the user experience of RDC.
Managed Recognition was created by the OrboGraph Client Services group as a value-added process to ensure exceptional field performance of Automation Services and Automation Services LE . We observed how customer field performance can deteriorate due to considerations of live production including scanner quality, document design and image friendliness, new documents, proper confidence level setting, document templates, item preparation, stamping procedures by tellers and varying validations.
OrboGraph IQUA, Image Quality (IQ)/Image Usability (IU)/Image Integrity (II) modules provide a comprehensive solution for identifying substandard check image quality (also referred to as Non-Compliant Images or NCI), unusable fields or images which mismatch the MICR index. By applying these capabilities, the capture system resident in a wide range of workflows can ensure that the check image captured meets the quality and warranty requirements for image exchange and Check 21 for each given exchange partner.
Defective images can increase risk of exposure and become an expensive adjustment process if not identified upstream in the check processing workflow.
Sereno is OrboGraph\'s most comprehensive check fraud detection and prevention solution for financial institutions and service bureaus. Sereno integrates image-based detection with transactional history (data analytics) to provide the lowest false positives rates and the most accurate fraud detection in the industry for identifying counterfeits, forgeries and alterations of checks.
Automated Endorsement Analysis (AEA) uses advanced image analysis techniques to scan the back of check images to ensure valid endorsements. By detecting endorsements systematically, financial institutions are better able to manage the risk of check fraud, minimize bank-to-bank litigation, reduce dollar thresholds, as well as comply with industry regulations. OrboGraph\'s Automated Endorsement Analysis allows a depository bank to test virtually every check prior to clearing as a means to mitigate risk.
OrboGraph\'s Amount Verification (AV) module identifies both incoming and outgoing check images with incorrect amounts. AV has the ability to reduce the number of incorrect amounts (defects) to six sigma levels of accuracy (3.4 per million or 99.99966% of the checks are statistically expected to have the correct amount) with coverage of 95%+ of the checks.
Payee Name Verification (PNV) provides payee verification to positive pay systems. OrboGraph recognition technologies are applied to match payee names (and address when available) on a check with customer issue file names. The result is a sophisticated technique to minimize risk for financial institutions and your corporate customers.
Banks rely on check images for not only the payment clearing function, but for fraud prevention as well as services tailored to corporate accounts.
Most large banks offer positive pay services to corporate clients in order to mitigate the risk of check fraud on these accounts. Unfortunately, alterations to the payee are not detected with traditional positive pay matching routines, as 52% of all organizations who encountered at least one check fraud attempt experienced payee name alteration on issued checks, according to the 2014 AFP Payments Fraud and Control Survey.
Additionally, community banks are feeling the \"pressure\" from corporate customers to offer additional treasury products and services, because large banks are aggressively targeting this market for new business clients.
OrboGraph Client Services offers a range of professional services which support the objectives of exceeding recognition performance targets and achieving the highest levels of financial return for our customers. Our ability to support our customers and business partners directly have enabled OrboGraph to attain unprecedented performance levels and provide innovative recognition-centric services.