OrboAnywhere offers banks straight-through processing automation as well as risk/fraud prevention
Billerica, MA, December 11, 2017 – OrboGraph, a premier developer and supplier of intelligent electronic/paper automation leveraging recognition technologies, image validation and check fraud detection for the U.S. check processing and healthcare revenue cycle markets, was recently featured in the November edition of CIO Applications as a Top 25 Banking Technology Solution Provider for 2017.
The focal point of the article was to highlight OrboGraph’s strategy “to facilitate electronification of payments so that paper-originated items and image-based payments flow through the clearing and settlement process with levels of automation, minimal errors, limited human intervention, less fraud, reduced compliance risk, and the highest levels of customer satisfaction possible.”
As check volumes have stabilized near 18B transactions per year, a renewed industry interest has emerged in check image automation and fraud prevention. Additionally, banks are experiencing a fraud boomerang effect from EMV adoption in credit cards translating into increased check fraud attempts and losses.
“Our new platform, OrboAnywhere, has seen adoption skyrocket this year due to innovations in our Intelligent Payment Automation Technology with new use cases around payee and payor fields. Banks are looking to expand the use of automation technologies while reducing risk, improving quality and reducing staff while updating their platforms,” says Barry Cohen, Co-President of OrboGraph.
“The result is a system which improves payment automation to near straight-through processing levels of efficiency, eliminates significant human intervention and costs, and reduces fraud losses and compliance risk in a variety of areas, including Reg CC, UCC, OFAC, and AML while significantly improving overall quality,” stated OrboGraph Co-President and CTO, Avikam Baltsan.
CIO Applications assists CIOs by featuring organizations which demonstrate an ability to develop innovative banking technologies. A distinguished panel of CEOs, CIOs, VCs, and analysts, along with the CIO Applications’ editorial board, are involved to select the leading banking companies.
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OrboGraph (www.orbograph.com), a subsidiary of Orbotech, is a premier developer and supplier of intelligent electronic/paper automation solutions in healthcare revenue cycle management (RCM), as well as recognition solutions, payment negotiability and check fraud detection for the U.S. check processing market. The company mantra, “intelligent payment automation,” describes how intelligent technologies are applied so payment posting becomes an automated process and information is accessed and analyzed via a variety of business intelligence, analytics and user interface capabilities. Nearly 4,000 financial institutions, service bureaus, clearinghouses, and billers rely on OrboGraph technology to process billions of checks, EOBs, correspondence letters and claims annually.
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