Check recognition enhancements deliver value to teller image and remote deposit capture
BAI Payments Connect 2013, Phoenix, AZ, March 11, 2013 – Orbograph, a leading supplier of recognition solutions for the U.S. check processing market as well as end-to-end electronic payment solutions for healthcare revenue cycle management, announced today that the company will deliver the most advanced phase of Orbograph’s Next Generation Recognition™ (NGR) technology for teller image capture (TIC) and remote deposit capture (RDC).
Further building on its successful Accura XV™ and Automation Services™ adoption by over 300 financial institutions, service bureaus and remittance clients, NGR technology will enable TIC workflows, kiosks and ATMs to attain virtually 100% read rate on retail transactions. For large corporate deposits and RDC workflows, NGR technology can drive misread levels to as low as .2% on personal and business checks.
These unparalleled performance achievements are complemented by additional new features including: dynamic thresholding, item verification for balancing, real-time fraud prevention and enhanced check box detection.
“The adoption of image capture at the teller line promised a business model of straight-through-processing. The overall workflow has come very close to achieving this objective by eliminating many back-office functions including data entry and customer adjustments. However, most implementations are running first generation recognition capabilities which are no where near straight-through-processing levels of efficiency,” stated Andy Leonhardt, Vice President of Sales for Orbograph. “There is a significant tangible value along with improved customer and employee experiences which can be realized by streamlining this function at the teller station.”
Large deposits in RDC are particularly time consuming for merchants due to items which are misread by recognition software and miskeyed by operators. Most RDC applications require a manual review of all items prior to balancing. A typical 100 item transaction can experience 2-4 misread/miskeyed items. NGR technology can be implemented to minimize misreads and identify miskeyed items for the commercial customer.
“Customer demand for Orbograph products and services over the past two years has been excellent even with volumes declining at an aggregate level. There is a continued thirst for improvements in this space and we intend to provide solutions to our customers addressing workflow specific problems that still exist,” stated Barry Cohen, Co-President for Orbograph.
Orbograph (www.orbograph.com), a subsidiary of Orbotech, is a premier provider of recognition-centric services and software for check processing in the financial industry and end-to-end electronic solutions in healthcare revenue cycle management (RCM). Orbograph technologies are in use in over 1,000 financial institutions, service bureaus and billers processing billions of checks and claims annually. Orbograph solutions are utilized by 20 of the top 30 U.S. financial institutions with in-house check processing. In healthcare payments, Orbograph P2Post™ and Orbograph E2Post™ utilize innovative EOB conversion technologies to automate posting of receivables into practice management systems. Orbograph enables clients to envision more for their organization by reducing costs and managing risk while ensuring that achieving more is a reality.
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NOTE: Actual performance may vary according to hardware used, configuration or other factors within your processing environment. Statistics cited in this release do not constitute guarantees of performance. For more information, visit us online at www.orbograph.com.