Platform Modernization
OrboGraph delivers targeted intelligent payment automation solutions to two distinct industries: check processing for banking and healthcare payments/remittance processing.
Both industries are extremely active in modernizing systems with objectives to reduce cost, update infrastructure, eliminate manual processes and support digital transformation across the enterprise. The term modernization, used across many industries, describes the ability to adapt a process, technology or object to modern needs or habits.
Trends involving IT, hardware and software modernization in the banking and healthcare industries historically averaged 7-15 years, as hardware required replacement and often times, software was tied to each hardware component. Additionally, mission-critical legacy applications, which impact enterprise infrastructure and multiple departments even span longer periods due to the inherent complexities of a large project.
Today, compressed development time frames for new technologies are the norm. This in turn drives accelerated platform modernization windows. Couple this with a renewed attention to business resiliency and contingency plans, makes it the perfect time to evaluate updating legacy platforms.
Take for example branch and teller capture technologies. New platforms are being developed by check processing vendors to provide a migration path to the industry to integrate real-time fraud prevention and further streamline deposit processing. In healthcare, many BPO (business process outsourcing) platforms rely on outdated, unsecure and non-compliant systems which were developed 20-30 years ago!
OrboGraph's check processing platform, OrboAnywhere, as well as the healthcare payments automation application, OrboAccess, has expanded its technologies with the integration of OrbNet AI with deep learning models. Additionally, cloud deployment alternatives provide options to our clients and business partners in check and healthcare payment processing.
Check Image Capture Modernization
Omnichannel image capture of checks can be highly diverse for banks. Many times, there are multiple vendors involved in the process with each workflow managed in its own silo. Consolidation of workflows is now happening via the introduction of new platforms which can run either on-premise, through a data center, or via cloud services. In this environment, check automation performance of 99% with OrbNet AI can have a dramatic positive impact to any and every workflow.
Additionally, real-time fraud detection using OrbNet Forensic AI image analysis can improve incoming deposits an inclearing items driving up detection rates to levels of 95%+. The result is the reduction of millions in fraud losses and possibly savings in operational costs.
See other examples of modernization:
Healthcare Payment and Remittance Modernization
In healthcare, many BPO (business process outsourcing) platforms rely on outdated, unsecure and non-compliant systems which were developed 20-30 years ago! AI-based systems have the ability to drive innovation on so many areas.
Here are several examples of modernization in RCM:
