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

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

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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

Why Checks have a Place in our Future

Why Checks Have a Place in our FutureEveryone seems to want to pick on the check. Poor little guy… Obviously there are inefficiencies with checks, which translate into innovations and new products which generate margin in certain market segments. But let’s not forget:

  • The UK tried to kill the cheque, and failed! Why? It wasn’t because England spells “check” incorrectly; it was because people don’t like to be told what to do and to give something up. Two hurdles which could not be overcome.
  • The unbanked and check cashing: There are an estimated 13,000 check-cashing outlets in the U.S., cashing more than $80 billion worth of checks annually. Financial Service Centers of America (FISCA), an industry trade group representing CCOs and payday lenders, estimates national annual check cashing revenues at over $1.6 billion.1 You can’t stop that freight train.
  • Huge market for check cashing: Even Walmart is interested: http://www.dailyfinance.com/2011/08/09/wal-mart-expands-check-cashing-service/
  • GDP: We’d probably lose a percentage on the GDP… we can’t afford that.
  • Believe it or not: check cashers are typically younger than the general population, regularly in need of financial services after normal banking hours and many times living from paycheck to paycheck.
  • Many consumers have not embraced debit cards and other forms of electronic payment.
  • Debit card fraud has just become the loss leader for the banking industry while checks are safer than they have ever been.
  • New processing methods have made it easier than ever for retail establishments to accept checks as payment without risk, i.e. smart phone applications.

The banking industry should embrace checks and strive to leverage a competitive strength. Attaining near straight-through-processing levels of efficiency, further reducing fraud, introducing innovative new products (i.e. Mobile RDC, payee downloads for Quicken) and leveraging check data as part of a data mining strategy can pay huge dividends. Just do not forget about yesterday—checks are bridging the gap to the future, and for these reasons, I doubt we’ll ever have a B.C. (Before Checks). They’ll be around forever…



Source1: http://www.msgcpa.com/files/Check%20Cashing.pdf

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