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Check Processing

Mobile Banking

Securing Mobile Transactions: Proven Strategies to Combat Check Fraud

January 25, 2024

In recent years, increased use of mobile banking has opened new avenues for fraudsters to exploit. The same convenience and speed that has made  mobile check deposits a popular choice for consumers has also made them an attractive target for criminals. One common fraudster tactic is stealing checks from mailboxes and then selling them on…

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FDIC Quarterly Banking Profile (BQP) Shows Banking Industry Forging Forward

December 3, 2014

Does a 7.3% boost in earnings give you any indication of how the banking industry is doing holistically? The increase in earnings was mainly due to a $7.8 billion (4.8%) increase in net operating revenue (the sum of net interest income and total non-interest income), the biggest since the fourth quarter of 2009. The good news is that almost two-thirds of the 6,589 insured institutions reporting (62.9%) had year-over-year growth in quarterly earnings.

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The Fundamentals Behind Managed Check Recognition Services

August 27, 2014

There was a great article written on the Institute of Financial Operations site called “5 reasons you should not manage OCR software internally”. The concepts and challenges for end-users to fully manage their recognition environment applies to all industries. We’ve seen how even in check processing, banks are underachieving in their check processing environments by 10%, 20% and even 30%, leaving large chunks of automation “on the table” for their employees to manage. The end result is higher labor costs, additional overhead to run the systems and negative client experience due to additional errors.

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ECCHO Doing “God’s Work” for Check Payments

July 22, 2014

As “the check” gets less and less attention due to the myriad of new payment innovations, rules for check processing continues to improve. Our good friends at ECCHO continue efforts on making the check payment better and better by gathering critical, industry-wide feedback on Reg CC improvements.

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Banning Remotely Created Checks Illustrates Lack of Interest in Fraud Prevention

May 5, 2014

A recent article in American Banker highlights the Federal Trade Commission’s idea of banning remotely created checks (RCC), also referred to as Pre-Authorized Drafts (PAD) by telemarketers. These merchants create RCCs by using bank account and routing numbers, creating a “check image” for payment processing. These are unsigned checks that are governed mostly by state laws without full recourse when unauthorized transactions are made.

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If you Missed Valentine's Day, Don't Bother with Flowers

February 17, 2014

I know this is a few days late, but CrossCheck’s recent post titled, “Valentine’s Day Payment Processing Equals Sweet Business”, has got to be the cutest blog post I’ve ever read. Perhaps men can reflect on how we treated our “sweeties” on Valentine’s Day and compare it to the industry numbers… kind of like comparing to benchmark studies! For example, “60.3% of men will buy flowers, but only 36.9% of women even want them!” Ouch! Good thing I didn’t buy flowers this year!

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The Real Reason Branch Traffic is Declining… Speed

December 5, 2013

I recently interviewed our Senior Integration Support Engineer, Boaz Ron, related to how he felt about going into a branch. His thoughts were the following: if I can get a deposit done through my phone, computer or ATM in under 20 seconds, why does a teller take longer? An ATM can dispense cash faster than tellers and there is always some old slow guy holding up the line.

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Top 10 Considerations for 2014 Budgeting in Check Processing

October 28, 2013

As we end another year of relatively stable check volumes in the financial industry, there are a number of cost-effective alternatives with excellent and proven return on investment which should be strong considerations for your 2014 budget. Although there is a decline in check volumes, it’s a stable decline, which implies predictability and less risk. Also, as product adoption curves of distributed capture points increase, a financial institution can better plan for significant improvements for each workflow.

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Who Makes Sure Mobile RDC Really Works? It’s Orbotech!

August 2, 2013

As Orbotech, Orbograph’s parent company, announces its Q2 2013 earnings report, we thought it might be a good time to point out that pretty much all of the Smartphones on the market go through a quality assurance processing using Orbotech’s latest generation of automated optical inspection and array tester models within the fabrication of mobile devices and large screen televisions. For 30+ years, Orbotech has enabled electronic manufacturers to achieve increased yields and throughput in the production process of electronics using: automated optical inspection (AOI) systems for bare printed circuit boards (PCBs), flat panel displays (FPDs) and automated optical inspection (AOI).

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8 Good Reasons Why Checks are Hanging On

July 29, 2013

An article today in PYMNTS.com called (From Paper Checks To Electronic Payments: Eight Questions To Ask) illustrates why converting to a new payment methodology is so challenging. Simply put, it’s an “adoption process”. Any new product or idea in the market, particularly in today’s fast moving marketplace for businesses and consumers, must have a methodology for an onboarding process which is: easy to implement, requires minimal investment and limits internal conflict and resource allocation.

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