Resources

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

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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

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Spotlights trends in denials to reduce receivables via prevention

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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

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Validate payment negotiability of paper originated items

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

Anywhere Positive Pay

Payee name verification of business checks using issue files

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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 Life of a Check: Tree to Payment Processing

Publishers_Clearing_Hse_CheckThe folks at Crosscheck have put together a great overview of the life of a check – – starting at the tree (now that’s comprehensive) and advancing through the various legislative and technological steps that have kept checks speedy and relevant in the digital age.

They also get into the nitty-gritty of check “construction” with highlights of fraud prevention:

Twenty-four-pound check stock is slightly heavier than the 20-pound paper used in copy machines and can withstand processing equipment. Security features are built into the paper: erasure protection, small padlock icons, security screens, micro-print borders and lines, artificial watermarks or background patterns that reveal the word “VOID” if photocopied.

As imaging drove processing with bitonal and grey images, the benefits of many physical features were minimized. That’s where image analysis comes into play — comparing previously cleared check stocks and signatures along with payee name verification to the image presented for payment. Combine these new capabilities with select security features, and you have an advanced solution which is highly automated and packs minimal overhead.

Here’s a handy timeline derived from their article:

1913: A check-clearing system was established by Congress with the enactment of the Federal Reserve Act.

1974: Several automated clearing house (ACH) associations formed an electronic network for financial transactions in the United States (NACHA) within the American Bankers Association.

Circa 1978: Financial institutions located anywhere in the U.S. could to exchange ACH payments including checks.

1999: A method was established for converting checks presented at the point of purchase (POP) to ACH debits

2002: Checks mailed as payments (accounts receivable conversion or ARC)

2003: As a response to disruption caused by the 9/11/01 no-fly situation, Congress passed the Check Clearing for the 21st Century Act (Check 21), allowing recipients of original paper checks to create or truncate scanned digital versions of the front and back (“substitute checks”), and eliminate the need to handle paper checks.

2007: Back office conversion (BOC). Check transactions are distinguished from other ACH transactions using the above standard entry class codes (acronyms).

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