Checks still represent 18B transactions per year in the US, and the decline has slowed to a mere 2.8 percent of overall transit (checks drawn on other banks) volume from 2016 to 2017. In some cases, checks are growing—According to the 2016 AFP Electronic Payments Survey, B2B check usage is up to 51 percent. ECCHO also reports that transit check dollar amounts have actually increased by 3.1 percent, from 9.5T to 9.8T. This six-month dollar amount is larger than the annual GDP for every country in the world except for the U.S. and China. The implementation of new technology has contributed to the stabilizationof check payments.
Boston-based OrboGraph strives to add more mileage to paper-originated negotiable items. Traditionally known for CAR/LAR or amountrecognition, the company’s goal is “to facilitate electronification of payments so that paper-originated items and image-based payments flow through the clearing and settlement process with levels of automation, minimal errors, limited human intervention, less fraud, lower risk of compliance, and the highest levels of customer satisfaction possible.”
OrboGraph is a highly recognized name in the financial industry, touching over 4000 financial institutions directly, via business partners and service bureaus. Their solutions to automate the process of depositing paper-originated negotiable items such as checks, money orders, preauthorized drafts, touching billions of transactions and internal tickets per year across a wide range of omnichannel workflows, including centralized proof of deposit, teller capture, branch capture, regional processing centers, wholesale lockbox, and Mobile RDC to name a few.
OrboGraph is a recognized name in the industry touching over 4000 financial institutions having deployed its solutions to automate the process of depositing paper-originated negotiable items
The company recently launched OrboAnywhere and has seen excellent immediate success, deploying Anywhere Payee in a large U.S. bank’s wholesale lockbox environment as well as in a high volume ATM processing center. With focus on recognition processing, OrboGraph is further investing in divergent technologies, which promise to deliver higher rates of automation from non-traditional fields. By leveraging newer technologies and with its Intelligent Payment Automation mantra, OrboGraph will continue to enhance the viability of paper-originated payment methods.