No, this is not a scene from a sci-fi action movie starring the immortal Arnold Schwarzenegger. As far as we know, there is no "Skynet" that has developed an artificial intelligence with the motive of eradicating all human life. However, there are strong signals that banks are looking to deploy ...

The Architecture, Infrastructure, and Operations Booklet is one in a series of booklets that compose the Federal Financial Institutions Examination Council (FFIEC) Information Technology Examination Handbook (IT Handbook), prepared for use by examiners. As described at the FFIEC website: With the publication of this booklet, the FFIEC member agencies replace the "Operations" ...

Artificial Intelligence can be a dizzying technology to understand. While the term gets tossed around everywhere you turn, it's important for financial institutions to have a strong baseline of knowledge on the different types of AI, in order to better leverage the technology. Understand the Different Types of AI Understanding ...

Recently, Royal Bank of Canada (RBC) has taken an approach similar to that of OrboGraph's OrbNet AI Innovation Lab to bring AI technology to the financial industry; partnering with NVIDIA and Red Hat to create Borealis AI. But what is Borealis AI? And what do they do? Well, Borealis AI describes themselves ...

Download PDF Copy of the Newsletter Enhancing the Value of Existing Bank Branches as Customer Visits Increase BAI recently posted a podcast exploring the future of bank and credit union branches in a post-COVID environment. Their guest was Jim Caliendo, president and CEO at design and consulting firm PWCampbell. He ...

As a subscriber to the OrboNation Blog, you have undoubtedly seen articles involving Artificial Intelligence (AI) and GPUs and how this combination of breakthrough technologies are part of the future for banking. The adoption of GPU hardware is enabling the combination of a "New Standard" for solving the difficult problems ...

With "never go to a bank" Millennials becoming a bigger and bigger market force, compounded by pandemic lock-downs that have encouraged even formerly tech-averse people to use online banking tools, one might think the reign of the bank and credit union physical, walk-in branch system is coming to a close. ...

AI and deep learning technologies deliver major check fraud detection improvements Billerica, MA, June 7, 2021 - OrboGraph, a premier developer and supplier of intelligent electronic and paper automation for check fraud detection, recognition solutions as well as healthcare payment electronification, announced the market launch of OrbNet Forensic AI as ...

Credit Unions and their members tend to pride themselves -- rightfully so -- on being much more "customer-centric" than the average financial institution. They are, after all, serving "members," and that spirit permeates their approach in all aspects of their business. The relationship has become, in fact, a differentiator that ...

The Federal Reserve is actively exploring ways to streamline FinTechs' access to the payment system, and pymnts.com reports that financial institutions will need to sharpen their systems to retain a competitive edge. The Federal Reserve could be taking steps toward a much more open and competitive financial services landscape as ...

Stanford University's 2021 AI Index Report is now available, and it goes into significant detail regarding Computer Vision, which is integral to the sorts of computing tasks important in check recognition, fraud detection, EOB data conversion, and correspondence letters processing. Computer Vision is a field of artificial intelligence that trains computers to ...

Trade Finance is recognized as a vital tool to fuel global growth and support the world economy, but, as pymnts.com notes, it is far from a perfect instrument. For decades, trade finance has been caught in a web of paper-based documents, creating bottlenecks and friction at nearly every point of ...

Forbes took a look at new research from Cornerstone Advisors and found that more than three-quarters of Americans who have a smartphone are now mobile banking users. Mobile banking adoption is approaching ubiquity among Gen Zers and Millennials (ages 21 to 40) with 88% of each of the two generations ...

Close on the heels of Venmo's new check-cashing service for their mobile app, "Cash a Check," fee-payment processing platform AdvicePay -- which is designed specifically for financial advisors -- rolled out a new mobile check deposit feature for large businesses, according to their mid-March announcement. This is great news for ...

On March 11, 2021, The Center for Statistics and Applications in Forensic Evidence, or CSAFE, hosted a webinar on forensic handwriting analysis. OrboGraph was one of hundreds attending the session. The Center for Statistics and Applications in Forensic Evidence (CSAFE) is building a statistically sound and scientifically solid foundation for ...

Tried-and-true merges with new digital tech -- Venmo recently announced that it will begin to offer a new check-cashing service, "Cash a Check," in the Venmo mobile app. Via TechCrunch.com: The feature ... can be used to cash printed, payroll and U.S. government checks, including the new stimulus checks, the ...

The report presents results from questions exploring how adults in the United States use and pay for "box of the month" clubs and online subscription services. It also explores the ways consumers pay their bills and the increasing importance of digital bill payment. ...When it comes to paying bills, the ...

In a recent OrboNation Blog article, we covered the need for key fintech players -- like banks and firms -- to continue to invest in modernizing their processes and payment methods. We noted that the need for automation has never been more pressing. Clients want quick, efficient solutions that enable ...

CEIC Data was founded in Hong Kong in 1992 by a team of expert economists and analysts, and today employs data analysts in multiple offices around the globe. They currently offer "exclusive access to unparalleled coverage of 200+ economies around the globe, helping analysts and economists make sense of the world ...

Surprise! Barry McCarthy, the CEO of Deluxe, is a proponent of checks as payment tools. Even with the pivot for consumers to digital payment options, business-to-business is still reliant upon an older payment method: checks. Yes, you read that right. Although check usage has decreased significantly since the mid-2000s, physical checks ...

In a world where COVID-19 has made on-site collaboration a more and more distant memory -- with no end in sight for the growth of remote work as the norm -- PaymentsJournal reports: The need for automation has never been more pressing. Clients want quick, efficient solutions that enable them ...

We've received a tremendous amount of positive feedback regarding our recent #OrboZone launch - - thanks for your "thumbs-up"! But what is #OrboZone? It's dynamic content that combines high-impact videos, visual galleries, energizing music, and entertaining activities for your WFH environment. The #OrboZone is compromised of six technology sections, each ...

PNC Bank N.A. announced on Jan. 27 that it has struck a definitive deal to buy payment gateway provider Tempus Technologies, Inc. This new consolidation should cause a major ripple effect across the industry, allowing treasury clients to handle streamline receivables and payables via one channel. According to a report at Pymnts.com: ...

Here's a paradox we enjoy seeing: Although there is a proclamation that "checks are in decline," and "checks are alien to Millennials," we see a forward-looking, technologically innovative payroll infrastructure startup system launch and call itself -- Check. Check Technologies, Inc. (it's full business name according to their website) recently ...

An article at PaymentsJournal.com cites a 2019 survey by Aite Group indicating that only 18% of banks were at the point of moving from a transaction-based revenue model to a data-based approach. While this figure is unlikely to have changed significantly since, PaymentsJournal.com goes on to note that data-driven payments are ...

A recent webinar sponsored by Fiserv highlighted reconciliation challenges faced by modern financial institutions as so many consumers adopt digital channels for payments. According to Fiserv's 2020 Expectations & Experiences: Consumer Payments survey, digital payments are on the rise and confidence with virtual payment cards -- the Apple Wallet, for instance ...

Ingo Money CEO Drew Edwards spent time with PYMNTS CEO Karen Webster talking distributed banking -- aka banking-as-a-service -- and how it differs from open banking. Edwards said that open banking is mostly about moving information, not about moving money between a consumer, her bank, and a third party, like the Robinhood ...

The trading platform Blocktrade recently published their predictions for the coming year in the fintech and payment worlds. We all know that 2020 was a highly unusual year - the Covid pandemic not only impacted the global economy, it also accelerated ongoing changes and developments in the Fintech and Payment ...

The Best of 2020: News, Trends, and Events We have seen the banking and payments industries recover from the challenges of the COVID-19 Pandemic with a resurgence of checks and sustained volumes of other payments. With this recovery, banks and financial institutions can now refocus on automation and fraud prevention ...

While Bitcoin cryptocurrency has been for many years held at arms length by mainstream consumers -- it's been considered volatile because of how much and how quickly its value can change, and the 2018 Bitcoin crash is still fresh in the mind of the industry -- there are signs that ...

Last week, we took a deep dive into a video by Mythbusters on CPU vs GPU, detailing how GPU provides a higher rate of speed and accuracy than CPU, essential for check processing and fraud detection. But, why are GPU processors necessary for artificial intelligence and machine learning? GPUs are the ...

Back in August, we explored the importance of Nvidia's data centers to real-time check processing. The blog post garnered a huge amount of attention from our readers, yielding requests to take a deeper dive into the featured video from Mythbusters and the subject of GPUs vs CPUs. For reference, Mythbusters ...

The Amazon Web Services website reports that Capital One is completing its migration as the first US Bank to go all-in on the cloud -- and it's making waves in the industry. "Capital One, one of the largest banks in the United States, announced in November 2020 that it had ...

We're pleased to announce that our ORBOIMPACT VIRTUAL CONFERENCE, a two-day online event which covered Healthcare Payments on Thursday, October 29, and Banking & Payments on Friday, October 30, was a huge success! Industry speakers coupled with OrboGraph experts focused on AI innovation and payment strategy helped drive strong attendance, ...

Hopefully you've already registered for the ORBOIMPACT VIRTUAL CONFERENCE scheduled for October 29th and 30th. If not, what are you waiting for? ORBOIMPACT will explore AI innovation in the fields of check payments, check fraud, and healthcare remittance automation. The event is FREE and is accepting a limited number of ...

Even as we see our industry create and adopt newer and better, more precise tools for improving check processing and preventing fraud (we proclaimed 2019, remember, the Year of AI and Modernization), it's important to be aware of how to most effectively integrate new technology the current ecosystem in a ...

Having already announced our client and partner virtual technology conference in late September, OrboGraph has completed it’s speaker line-up for the ORBOIMPACT conference for the afternoons of October 29th and 30th (see agenda here). Day 1 (Thursday, Oct. 29): Healthcare Payments Sessions Day #1 is highlighted by Keynote speaker Mr. Michael Manna at ...

The "death knell" for checks has been sounding false alarms for a decade; year after year we are told it's time for checks to fade away, and 2020 is no different. However, the paper check hangs on and remains undeniably popular in spite of the frequency with which it is ...

Predicting an economic recovery in today's COVID-19 environment is far more complex than reading traditional individual economic indicators. As seen by the recent run in the stock market, there are certain market components somewhat disassociated from traditional indicators, i.e. unemployment rate, GDP growth, etc. Bank Deposits & Assets One interesting ...

The countdown begins! In a little over a month, OrboGraph will be hosting the ORBOIMPACT Virtual Conference: AI Innovation for Check Payments, Check Fraud, and Healthcare Remittance Automation. The conference consists of a 2-day, 3-hour agenda, packed with rapid-fire, impactful sessions covering industry news, business case benefits, AI technology updates, and ...

Rachel Woolley, global director of Financial Crime at Fenergo, tells FinTech Futures that penalties against financial institutions have come “fast and furious” over the past few years. Fenergo data shows that fines against financial institutions through July 2020 have reached $5.6 billion. The charges account for anti-money laundering (AML), know ...

The effects of COVID-19 have been far-ranging and, in many cases, quite detrimental to businesses large and small and have altered the way customers are banking. According to a Wall Street Journal Article: There is evidence that customers will continue to pivot to digital banking even after they feel more ...

In what is very likely a bellwether for machine learning and AI, NVIDIA topped Wall Street estimates for both its fiscal 2021 second quarter and its forecast, with data-center sales topping its core gaming business for the first time. Jefferies analyst Mark Lipacis, who has a buy rating and hiked ...

Check writers and depositors have become accustomed to a next day or two day check clearing process for the majority of items. But when an extended clearing process does happen, i.e. 2-3 days, it becomes a real inconvenience, especially for millennials accustomed to instant digital payments, or for those folks ...

There can be no doubt that, while the move to the cloud and away from on-site processing, storage, and maintenance can be incredibly daunting and a stress-filled experience, the final result is well worth "climbing that mountain." Pymnts.com explores the various hurdles banks face when taking that big -- and ...