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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.

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Modernizing payments in the banking and healthcare industries

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

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

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Extracts posting data and tracks reimbursement progress via workflow management

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

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Automates patient payments for posting

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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.

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

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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

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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

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Automatic validation of restrictive, mobile and non-restrictive endorsements

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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.

The Wall Street Journal recently reported that Venmo sustained a transaction loss rate of 0.40% in March, up from 0.25% in January, according to internal PayPal documents they reviewed.

As reported in Digital Transactions:

The losses sent Venmo’s first-quarter operating loss to approximately $40 million, a 40% increase over what PayPal had expected, the documents revealed. Internal email messages seen by the Journal indicated concerns at PayPal that Venmo’s losses might cause the company to miss its first-quarter earnings estimate.

It is unclear whether higher-than-expected loss rates continued through the months since March. PayPal did not respond to a request for comment from Digital Transactions News. An analyst note released Monday by Keefe, Bruyette & Woods says “losses have declined since then and management has indicated that the loss levels at Venmo are lower than overall [PayPal] average.”

The company adopted several measures to get fraud under control, including a temporary suspension on instant transfers to bank accounts, a so-called blacklisting of users deemed by algorithms to be high-risk, and a decision to stop allowing transfers through the Venmo Website. Earlier this month, Venmo increased its fee for instant transfers to a bank account, moving it from a flat 25 cents to 1% of the amount with a 25-cent minimum.

Shirley Inscoe, a senior analyst at Aite Group, a Boston-based financial-services consultancy, told Digital Transactions that all electronic payments are more or less vulnerable to fraud, but P2P payments tend to have the highest fraud rate. Venmo’s fraud spike could be the result of several culprits, she says, including ongoing data breaches, which give criminals the ability to register for services with stolen credentials.

“Financial institutions are also grappling with account-takeover fraud, and a fraudster who successfully gains access to an account can drain the funds quickly using Venmo transfers,” she says. “False registrations (or application fraud) and account takeovers are the two more significant challenges financial institutions face in the current market, and will continue to be until technology improvements are implemented to more reliably authenticate consumers.”

Such threats are not exclusive to Venmo, Inscoe points out. “Zelle and other P2P payment vehicles are subject to similar types of fraud,” she says. “Under Zelle’s operating rules, every financial institution can set their own transaction limits, thus limiting exposure to fraud.” Zelle is a P2P service launched last year by the nation’s biggest banks.

It’s a bad time for Venmo to take such a hit, since PayPal’s P2P service is free to users — and that means as Venmo grows, the absence of revenue will likely be a drag on PayPal’s so-called “take rate,” or the portion of each transaction the company keeps.

No payment channel is immune to fraud (check out all our blog posts on payments fraud) and checks are no different.  In fact if you recall, PayPal withdrew their mobile RDC offering because of high fraud rates a few years ago. Financial institutions have come to realize the importance of fraud prevention technology to take on the fraudsters.


This blog contains forward-looking statements. For more information, click here

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