CST: 29/07/2016 09:01:26   

Orbograph Releases White Paper on Payment Negotiability for the Omnichannel

128 Days ago

BILLERICA, MA --(Marketwired - March 22, 2016) - Orbograph, a premier supplier of recognition solutions and image validation for the U.S. check processing market, as well as electronic/paper automation solutions in healthcare revenue cycle management, announced today that the company is releasing a white paper titled, Ensuring Payment Negotiability for the Omnichannel While Delivering a Consistent Customer Experience.

The white paper summarizes the rise of the Omnichannel and the impact it has had on branch transformation within the financial industry. Although standing strong at over 93,000 nationwide, bank branches continue to decline as consumers and businesses look to minimize the use of physical branches by using online and mobile channels. Additionally, clients are choosing to utilize self-service devices more frequently, further minimizing interaction with tellers or branch personnel.

As the financial industry expands its offerings of retail and treasury services to consumers and businesses, financial institution are challenged with the task of providing a consistent client experience across online, as well as self-service channels such as kiosks, concierge tablets, ATMs, video tellers, point-of-sale devices and remote deposit capture scanners. A plethora of options are now available for bank clients to interact and deposit checks into their checking, savings and money market accounts.

The ability to monitor transactions with corresponding images creates an entirely new set of risks into the payment clearing process for the financial institution. Tighter controls by financial institutions can generate many "rejected transactions" for the customer, hurting customer satisfaction. Additionally, multiple systems behave and react differently to paper-originated transactions causing one channel to accept a deposit, while another one may reject it.

The white paper provides an Omnichannel perspective related to approaches to mitigate operational, fraud and compliance risk scenarios, including the Uniform Commercial Code (UCC), Regulation CC, Anti-Money Laundering (AML), Bank Secrecy Act (BSA), as well as Know Your Customer (KYC).

Joe J. Gregory, Vice President of Marketing at Orbograph, stated, "The opportunity to standardize a solution which delivers a consistent banking experience across multiple payment silos can not only increase customer satisfaction, but can also be a competitive differentiator for a financial institution."

The white paper is available for download on Orbograph's website at http://www.orbograph.com/ensuring-payment-negotiability-in-the-omnichannel-while-delivering-a-consistent-customer-experience.htm

About Orbograph

Orbograph (www.orbograph.com), a subsidiary of Orbotech, is a premier provider of recognition services and software for check processing in the financial industry and electronic/paper automation solutions in healthcare revenue cycle management (RCM). Orbograph technologies are in use in over 1,500 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 facilitate and streamline the processing of payments and to automate the posting of receivables into practice management systems. Orbograph enables clients to envision more for by reducing costs and managing risk while ensuring that achieving more is a reality.

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.

Press Contact:
Joe Gregory
VP of Marketing
joe.gregory@orbograph.com
978-667-6037 Ext. 5046