Check Processing
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.
Read MoreAccording to an article in BAI Banking Strategies by Applied Predictive Technologies, retail banks will focus on managing the multi-channel impact of mobile banking, downsizing branches and selective investing in branch technology. The changing market dynamics due to the variables of new technologies and adoption has complicated the modeling process for the retail sector. This is an opportunity for operations to support the goals of the retail side of the bank by executing on new technologies in check processing automation. By taking a straight-through-processing orientation across the enterprise, the retail bank can focus on client needs, rather than overcoming operational limitations of systems. See how the five top trends can be optimized below with Next Generation Recognition (NGR) technology.
Read MoreWith successful implementations in teller image capture and remote deposit capture, we’ve accomplished one of the most difficult phases of the product development cycle… strong penetration. The business case has been proven out, solutions have achieved stability and the purchases of these services have offered a robust solution set of features. However, if we objectively evaluate the ultimate goal, straight-through-processing, we still have a major phase level in the process.
Read MoreA recent post by Fraud Avengers caught our eye related to Cashier’s Checks. It’s interesting that this long time, reliable check source had become a target in many banks for counterfeiters. Fraudulent Cashier’s Checks typically become a deposit fraud loss at the bank of first deposit (BOFD) when the paying bank has strong controls in place for their incoming cashier’s checks. In order to best catch counterfeit Cashier’s Checks, a financial institution should implement strong image analysis and data analytics which can weed out items that have different check stock layouts as well as items with serial numbers out of range.
Read MoreTeller Deposit Automation (TDA) is where retail banking meets payment processing. The imperatives that drive these worlds are profoundly different. The previous installments dealt with some of the business case aspects of TDA. This post touches on systems integration and related business implications. Retail banking and payment processing- shotgun wedding, a bridge too far? Let us see.
Read MoreNo pun intended, but New Orleans + Orbograph Client Conference = “a hurricane of check and healthcare processing”! The Orbograph Hurricane began on Wednesday evening, April 10th, with a wonderful opening reception. Nearly 70 attendees filled the reception hall to interact and listen to a local New Orleans Jazz band. A classy and jazzy way to start!
Read MoreCheck processing has always been considered a critical departmental activity which could impact customer service and the branch operations, but indirectly. With today’s popularity of teller image capture, check processing at the teller line has a much wider range of considerations. Teller image capture moves the entire capture and balance process to the front counter. The strategic implication of this move is more than just financial savings. Think about the impact it has on the customer “experience”, the employee environment in the branch, risk mitigation and work process improvement. Each category has a life of its own with many considerations.
Read MoreAccording to Michael Porter, a Harvard business professor and strategy guru, a company’s long-term survival dictates that a business strategy be chosen. Three primary strategies for consideration include: dominating a specialized market, providing consumers with the lowest cost for products and/or services and differentiating services and/or products.
Read MoreToday is 12-12-12. The number certainly holds significance in human existence as illustrated by: Apart from there being 12 hours of day and night, and 12 months in the year in the Roman calendar, there 12 signs of the Zodiac, 12 Apostles, 12 days of Christmas, 12 tribes of Israel, 12 gods of Olympus, 12 old testament prophets… you get the idea. Some say the day symbolizes love, others completeness or fulfillment. Later this month, according to the Mayan Calendar – 12-21-12 – DOOMSDAY!
Read MoreAs I was planning for our 2013 Orbograph Client Conference, I was reviewing materials from a past years conference, and have to admit, was a little disturbed on a few memories! I remember that conference like it was yesterday. Beyond the excitement of a conference in Salem, MA around Halloween, and a really fun theme called “A Supernatural Opportunity from Orbograph”, three very distinct topics gave me flashbacks…
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