About two years ago, Google shook the financial world a bit when it announced its intention to offer checking accounts to its users in partnership with banks and credit unions. Google was initially planning to work with Citigroup and Stanford Federal Credit Union. That is no longer the case, as ...

JPMorgan Chase is known as an early adopter of cutting-edge tech, and, true to form, they are deploying a new, cloud-based core system for their retail bank using software developed by Thought Machine. Cloud computing in the fintech world is certainly not new at this stage, but seeing it embraced ...

A couple of days ago, Facebook went offline for approximately six hours and it made international headlines. Afterwards, it was revealed that a relatively minor internal error caused the outage, which reportedly cost Mark Zuckerberg seven billion dollars (with a "b"). However, everything was soon back on line completely intact, ...

Many of us who have been working in the bank and financial industry for more than a few years can remember when the concepts of cloud services, enterprise payments, and payment hubs were speculative and almost "science fiction." However, one day you wake up and what used to be "Star ...

Download PDF Copy of the Newsletter Ceto & Associates: Community Banks are at a Disadvantage in Fraud Detection Community banks and credit unions are at a disadvantage. Their lack of necessary internal resources and budget to upgrade their systems and integrate new technologies compared to big banks leads to gaps ...

In recent news, the new infrastructure bill set out by the US government contains tighter rules for crypto businesses. Mark Cuban, for one, doesn't like it. Known for his brash and outgoing personality, along with his business and tech savvy, Mr. Cuban is not afraid to voice his opinion. Speaking ...

The Fintech Times reports on a new Chase survey examining consumers' evolving relationship with cash, savings, and digital banking tools one year after the start of the pandemic. The survey was fielded between April 23-26, 2021, consisting of 2,005 men and women, between the ages of 18 to 57+. The ...

For small business startups that are frustrated with the way "big banks" interact with them, there might be an alternative on the horizon that will make those big banks take notice. Brex, a company started in 2017 by Brazilian duo Henrique Dubugras and Pedro Franceschi, has made some substantial waves ...

Download PDF Copy of the Newsletter Is Vigilance Enough to Prevent Your Customers from Deposit Fraud? In the fight against deposit fraud, vigilance is a key component. But we need to ask ourselves as fraud prevention professionals: Is that enough? We review two examples in which people avoided becoming a ...

Congratulations go out to Symcor Inc. on their 25th anniversary in business! Symcor got its start as a joint venture between three of Canada's largest financial institutions (the Toronto Dominion Bank, Royal Bank of Canada, and Bank of Montreal), and evolved from processing checks and printing financial documents into a ...

In any industry, dealing effectively and efficiently with suppliers is a challenge. This challenge is enormously compounded in the world of liquor sales, a maze of regulations and restrictions that change from region to region and bedevil even the most experienced manager. PYMNTS.com examines a Canadian company called Ollie Order that ...

A commentary at Digitaltransactions.net by Peter Jensen, chief executive of RocketFuel Blockchain Inc., explores the reasons the Millennial generation are not only unintimidated by cryptocurrency, but also prefer it as the digital payment of choice: As the generation that grew up during the financial crisis and the expansion of the ...

Kevin Levitt, Global Business Development, Financial Services, NVIDIA, has an excellent post at Finextra.com examining the prevalence -- and importance -- of Artificial Intelligence adoption in fintechs, investment firms, and consumer banks. Financial institutions are using AI-powered solutions to unlock revenue growth opportunities, minimize operating expenses, and automate manually intensive processes. ...

Download PDF Copy of the Newsletter A Real Life Innovation Lab Story at Royal Bank of Canada 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 ...

Wal-Mart -- already equipped with its own credit and debit/prepaid cards -- has in recent months partnered with Ribbit Capital to start a fintech. Payments Journal reports that they are also looking at more financial services offerings via a branded all-purpose mobile app. Wal-Mart certainly has the audience to compete ...

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 ...