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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

Product Videos

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

Corporate Video & Podcast

See and hear how OrboGraph incorporates AI, deep learning and self learning technologies into its product suite

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)

Modernizing RCM with AI

An informative resource to assist RCM companies in understanding how to solve today's problems with the help of AI.

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

Modernizing Omnichannel Check Fraud Detection

An informative blog series exploring payments fraud and image technologies used to fight financial crimes.

Modernizing Omnichannel Check Fraud Detection

An informative blog series exploring payments fraud and image technologies used to fight financial crimes.

U.S. Consumers’ Use of Personal Checks: Evidence from a Diary Survey

  • Business and government still rely on checks to a greater degree than individuals
  • While fraud is prevalent across all payment channels, checks remain the biggest target
  • Evolving tech is making check fraud prevention more effective in spite of its status as a "big target"

From the Federal Reserve Bank of Atlanta comes an informative overview of check usage entitled U.S. Consumers’ Use of Personal Checks: Evidence from a Diary Survey. The authors look at 1,600 individual transactions to gain an understanding of what check payments are currently used for—by dollar value, and by payee—and who uses checks (in terms of demographics and income).

The study, it should be noted, covers the 2017-2018 time period. The data are taken from the 2017 and 2018 Diaries of Consumer Payment Choice (DCPC), a collaboration of the Federal Reserve Banks of Atlanta, Boston, and San Francisco (Cash Product Office).

The data are publicly available for download from the Federal Reserve Bank of Atlanta.

Report Highlights

  • Most paper checks are written by businesses and government—60 percent of checks by volume in 2015, according to the 2018 Federal Reserve Payments Study (FRS 2018).
  • In 2009, U.S. consumers age 18 and older made 13 percent of their payments with checks; in 2018, 5 percent.
  • In 2009, 87 percent of consumers reported using a paper check at least once during the year. In 2018, 61 percent of consumers reported using a paper check at least once.
  • The median dollar value of checks written in the two years was $100. Three-quarters of checks are for less than $250.

In the figure below, the report breaks down the share of check payments by payee type, displaying that the majority of checks written to businesses, charities, services, and utilities:

Shares of payments by check (Of all payments to particular payees, the percentage paid by check, by number)

The study also found that, compared to transactions using other payment instruments, checks had a relatively high average dollar value, around $300, compared to $84 for all the rest of the transactions.

Shares of check payments by dollar amount.

Check Fraud Targets: Who is Writing Checks?

As we discussed in a blog post at OrboNation regarding the demographics of personal check use, the 2018 Federal Reserve Payments Study (FRS 2018) reveals that most paper checks are written by businesses and government—60 percent of checks by volume in 2015.

The recently published ABA Fraud Study found that, in 2018, check fraud accounted for 47 percent -- or $1.3 billion -- of industry deposit account fraud losses. The study goes on to note that, of that number, 63 percent of check fraud is on consumer accounts.

This is one of the reasons that advances in machine learning and image analysis -- as explored in the webinar we produced with NICE Actimize and featured in last week's blog -- are more and more vital to financial institutions as they seek the safest and most secure transactions path for their members.

shutterstock_fraud investigation_469887683 (002)

Different tests and validations include:

  • 80-90% successful matching of payee to account holder name
  • Signature verification comparison to previously cleared checks and two signature presence verification for business checks
  • Amount verification comparison to previously cleared checks to payees
  • Check stock validation to detect anomalies on the image of the checks

As the fraud threat escalates, it's comforting to know that tools are currently available -- and steadily improving -- for banks to combat fraudsters, mitigate risk, and reduce fraud losses.

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