Orbograph’s Amount Verification (AV) module identifies both incoming and outgoing check images with incorrect amounts. AV has the ability to reduce the number of incorrect amounts (defects) to six sigma levels of accuracy (3.4 per million or 99.99966% of the checks are statistically expected to have the correct amount) with coverage of 95%+ of the checks.
Although check and image processing is a mature market, the number of checks with incorrect amounts continues to be a problem for many organizations. The number of incorrect amounts can range from organization to organization, but field experience has indicated ranges from 100 per million to as high as 400 per million. Note that the research time and expense typically associated with making manual adjustments costs $25 - $50 per item.
Incorrect amounts cause problems to a wide range of organizations including:
- Paying banks: experience lower customer satisfaction levels, even if the check was deposited at another bank.
- Bank of First Deposit (BoFD): requires adjustments to customer deposits several days after checks clear.
- Corporate customers: increase the difficulty of reconciling accounts on a daily basis, increasing accounting adjustments.
- Retail customers: drives call center/branch complaints and incremental costs to correct problems.
- RDC customers: incorrect deposit amounts will trigger downstream returns and adjustments by the bank.
- Mobile/ATM users: degrade a positive user experience with multiple retries or rejections.
- All customers: potential overdrafts due to incorrect amounts posting to accounts with low balances.
Incorrect amounts are generated for multiple sources including:
- Financial institutions who force balance large deposits. Many times a write-off amount of $10-$25 dollars is typical.
- Remittance processors can have misencode/incorrect rates as high as 10 per 100,000 due to weak balancing logic or challenging partial payment/check only workflows.
- Large corporate clients who use RDC or proof machines many times deploy low cost, inaccurate workers who do not handle deposits accurately.
Leveraging Accura XV technology, highly optimized voting logic enables Orbograph AV compares the CAR/LAR and index values flags suspects of incorrect amounts. AV is priced using either a license module or per-use model with Automation Services.
Solution highlights include:
- Allows paying bank to adjust all incorrect amounts or only debits to customers
- Flexibility to threshold by dollar amount
- Lowest suspect rates in the industry via fine tuning
- Can be run as separate workflow or integrated with IQUA and II
- Utilized by many of the top 25 US financial institutions
- Implemented in a wide range of workflows including RDC, ATM and check cashing
- Migration program available to all Orbograph clients with migration credits
- Free software upgrades
- Performance monitoring and trend analysis by Orbograph Client Services
- Potential revenue generator for banks who adjust customer debits
- Large bank potential over $1M per month in dollar adjustments
- Can reduce adjustment staffing by 75%
- Improve the quality of images captured for existing customers (incoming cash letters)
- Minimizes the number of adjustments returned due incorrect amounts (outgoing cash letters)
- Identify incorrect amounts prior to posting
- Process thousands of images per minute and leverage hardware for multiple recognition applications (enterprise-wide)
“The applicability of Amount Verification has proven to be significant. A top 10 bank who recently implemented AV was able to identify $1.6M of incorrect amounts in a single month!”
- Joe Gregory
VP of Marketing, Orbograph