BILLERICA, Mass., March 9, 2012 /PRNewswire/ -- Orbograph, a leading supplier of recognition solutions for the U.S. check processing market as well as paper and electronic payment solutions for healthcare revenue cycle management, announced today that its OrboCAR Accura XV™ check recognition solution, which was introduced to the market in Dec 2011, has already been purchased by a total of 60 financial institutions, service bureaus and remittance clients to streamline check processing workflows in a broad range of applications and environments.
Orbograph's 15th anniversary solution, Accura XV, is the new core recognition platform for all of the Orbograph check recognition licensing and Automation Services programs available for centralized and distributed workflows. Accura XV is able to deliver unparalleled check processing automation rates as high as 95% for checks with overall rates of 90%+. Accura XV also provides the local recognition function for Orbograph's Automation Services, a software-as-a-service offering which delivers 98% automation.
Accura XV is available in a range of configurations to address the scalability needs of high-speed centralized processing and can be optimized on remote workstations in branch or teller image capture and remote deposit capture (RDC).
"I'd like to thank our business partners for their role in the success of these new contracts," stated Andy Leonhardt, Vice President of Sales for Orbograph. "The adoption process within their various lines of businesses has been remarkable. Market penetration has been excellent in all areas including branch and teller capture, remittance processing and RDC applications."
Accura XV and Automation Services incorporate migration credits which justify technology updates translating into savings of up 40% in data entry and balancing. These low-value "exception" processes are increasingly expendable as financial institutions target straight-through-processing levels of efficiency to squeeze out excess payment processing costs.
"A survey of Orbograph customers indicated that over 70% of respondents believed a 3-5 year cost-reduction plan using check recognition was important for their organization," stated Joe Gregory, Vice President Marketing for Orbograph. "We also found that due to consolidations and legislative impact on various electronic payments, check processing volumes were holding fairly steady or experiencing only a slight decline in our customer base. Based on this research, our vision to consolidate our recognition platform and provide a strong value proposition was reinforced and now we see it coming to fruition."
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.
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.