Amount Verification - Automation Services

By providing amount validation testing, Orbograph’s Amount Verification module insures that check amounts are properly indexed and encoded prior to posting. As an aggressively priced SaaS module, Amount Verification can now be cost effectively implemented as part of Automation Services.

Orbograph’s Amount Verification addresses an ongoing industry problem where financial institutions and remittance processors write-off balance discrepancies of $5-$10 or less. Although this policy is good for the depositing organization from an efficiency perspective, it creates a wide range of misencoded or incorrect amounts into the check processing stream. Ultimately, the paying bank’s customer suffers from these inaccuracies, translating into lower customer satisfaction levels of the paying bank customers.

Amount Verification Services compares the CAR, LAR and MICR or Index values on any given item and flags suspects of incorrect amounts. Highly optimized voting logic enables the system to identify incorrect amounts at 6 sigma levels of accuracy with suspect rates of 0.5 - 0.8%. As a result, you can reduce the research time and expense typically associated with making manual adjustments while proactively maintaining customer satisfaction. Customer adjustment costs range from $25 - $50 per item.

“Amount verification identifies 20-40 incorrect amounts per 100,000 or 200-400 per million. Financial institutions and service bureaus looking to insure customer satisfaction and adjustments can typically have an immediate ROI as a part of Automation Services.”

- Joe J. Gregory
Orbograph Vice President – Marketing