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Check out our reservoir of information related to check recognition and healthcare payment technologies. We frequently update this section with the latest news, trends, and analysis of the banking and healthcare industries.

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Platform Modernization

Both the financial and healthcare industries are undergoing modernization initiatives in check payments and remittance.  See how OrboGraph is using AI, self-learning and deep learning models to drive innovation in these industries to deliver workflow automation.

Platform Modernization

Modernizing payments in the banking and healthcare industries

AI, Self Learning & Deep Learning Technologies

Optimized AI and deep learning models for the automation of check processing and healthcare posting

Operationalizing AI & Self Learning in Checks

Revolutionizing check processing and fraud prevention for the banking industry

Delivering Healthcare Payment Electronification

Increased accuracy levels, decreased error rate for healthcare payments posting

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See how each product/service module of OrboAnywhere and OrboAccess delivers value from our check and healthcare payment platforms

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Healthcare Payments

OrboAccess automates remittance and payment posting as well as enables full research and business intelligence analysis for RCM companies, clearinghouses, billers, and providers.

Access EOB Conversion

Delivers EOB/EOP electronification with information intelligence via AI and deep learning technologies

Access Correspondence Letters

Extracts posting data and tracks reimbursement progress via workflow management

Access Payment Reconciliation

Streamlines the reconciliation process of ERA, ACH, EOB and checks

Access Patient Payments

Automates patient payments for posting

Access Denial Intelligence

Spotlights trends in denials to reduce receivables via prevention

Healthcare Payments Automation Center

Scalable, reliable, flexible cloud-based hosted data center on Amazon Web Services (AWS)

Check Processing

OrboAnywhere automates paper originated payments (i.e. checks, money orders, drafts) and remittances for balancing and posting while reducing risk and losses in the areas of check fraud, payment negotiability and compliance.

Anywhere Fraud

Transaction and image analysis for on-us and deposit fraud detection of counterfeits, forgeries, and alterations.

Anywhere Recognition

Divergent multi-engine CAR/LAR, ICR, OCR & AI check recognition for the Omnichannel

Anywhere Validate

Validate payment negotiability of paper originated items

Anywhere Payee

Match, read, and validate payees for risk and operational workflows

Anywhere Positive Pay

Payee name verification of business checks using issue files

Anywhere Compliance

Mitigate risk in check payments for OFAC, BSA/AML, UCC, Reg CC, and KYC

Restrictive Endorsement

Automatic validation of restrictive, mobile and non-restrictive endorsements

Traditional Products

Based on the Accura XV platform

The End of Free Checking as We Know It?

Check fraud preventionYou’ve probably seen the headlines:

A major bank eliminates free checking – – a blow to the lower income consumer who depends on checks and checking accounts, right?  Would it spur industry-wide changes, similar to what happens in the airline industry, i.e. a major airline introduces a new baggage fee, and the others follow?

Well, eliminating free checking could be seen as part of a wider move from large retail banks looking to recoup revenues lost due to regulatory pressures (e.g., CFPB crackdowns on overdraft fees), per The Financial Brand.  See more details per their article.

Bank of America is converting all eBanking accounts into its Core Checking product, which includes a $12 monthly fee. There are a few ways consumers can avoid the $12 monthly maintenance fee. The first way to avoid the fee is to have a qualifying direct deposit of at least $250. The second is to maintain a minimum daily balance of $1,500 or more. The third is to prove the you are a student younger than 24.

So actually, you can still get it for free, just have to have some money in the bank…Bad news for the market? We don’t think so.

Well, it could be an opportunity for any retail financial institution that still offers any flavor of free checking.  That’s obvious. For example, Lafayette Federal Credit Union placed aggressive ads in local newspapers following the Bank of America announcement.

“There’s no reason to pay your bank when we’re here to pay you,” the credit union ad declared, touting its no-fee checking account with debit card, no minimum balance requirements and dividends paid quarterly. Lafayette FCU added a photo of a visibly annoyed Millennial cutting up their BofA debit card with the caption, “$#%&’n mad? You should be!”

The ads worked…at least temporarily. Lafayette’s online applications increased 50% the following month.

But let’s not forget that customer churn rate for retail banks is normal, around 15% in fact, per fiworks. So I’m sure any bank making changes to their offerings run the numbers, analyze their clients, assess profitability, and target a modest churn rate…A calculated and well-informed move. That’s competitive forces at work.

Checks and checking accounts are an important part of our financial system, and frankly, are part of our financial banking culture. But they are also a good source for marketing!  Almost every bank wants an opportunity to compete and drive deposit growth by targeting new customers from other banks.  OrboGraph has offered the ability to read payer/maker/payee information from checks as part of customer acquisition strategies.   Perhaps its time to build a targeted database for marketing from the checks flowing through your organization. Consider it part of your Big Data strategy.

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