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Automation Services
 

Automation Services

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    Automation Services Automation Services Document Transcript

    • Automation Services™ and Automation Services LE™ Innovations in Recognition with Guaranteed Performance The Declining Volume Opportunity Solution Set A decline in check volumes (estimated at 6% annually per the Federal Reserve Payments Study) is actually an opportunity in check processing! As unit costs rise, financial institutions and service bureaus are pressured to maintain or reduce costs and improve levels of automation; essentially, targeting a straightthrough-processing (STP) model, where a payment transaction is conducted electronically without the need for rekeying or manual intervention. With this in mind, came the introduction of Automation Services and Automation Services LE, an innovative recognition solution for back office, branch and teller capture. As a challenging economy has “put the brakes” on IT spending, the desired goal is to minimize capital investment but still leverage new technologies and infrastructure solutions to reduce costs. Automation Services LE (Local Engine) utilizes many of the same technologies (except for data verification), yet attains 90% automation with 99% accuracy. A Migration Path In the late 1990s and early 2000s, recognition systems integrated with POD workflows were solid investments, providing modest labor cost savings to financial institutions. However, these systems were far from a pure STP model as significant data entry/balancing overhead and the need for human intervention still existed. Today, large financial institutions, services bureaus and community banks must strive for the next level of efficiency to improve bottom line profits. Automation Services utilizes up to 20 recognition and automation technologies, including Accura XV, tightly integrated into a single service. Targeting STP levels of efficiency, Automation Services delivers 98%+ automation and 99%+ accuracy. A 30-40% labor savings is attained by nearly eliminating data entry and reducing balancing costs. The accumulated effect over four years can be significant regardless of whether you are upgrading from an existing license or purchasing a new system. Managed Recognition To guarantee optimal performance levels, Orbograph includes Managed Recognition. This new set of proactive activities are completed by the Orbograph Client Services group to ensure and manage to performance service level agreements. These functions include: • Priority monitoring: total performance and performance by branch • Proactive document review • Image quality and usability optimization • Bi-Annual Client Services Wellness Review • eReports delivered via email Automation Services Architecture Automation Services runs on either the legacy OrboCAR platform or G6 Enterprise Recognition Technology. Either platform can run multiple recognitioncentric applications simultaneously including: Fraud detection (Sereno), Image Quality Usability and Assurance (IQUA), Image Integrity (II), MICR reject repair and Amount Verification (AV). As a result, check image workflows such as POD, inclearing, ATM, Remote Deposit Capture (RDC) and Remittance benefit from efficiency improvements. Both options support all check processing workflows, including POD, branch capture (back-counter), teller stations (front-counter), ATM, remote deposit capture (thin or thick client), inclearings and remittance processing. Recognition engines yield efficiency gains by locating either centrally or at remote locations. “Orbograph Automation Services redefines the environment of CAR/LAR recognition.”
    • Workflow Financial Payback: 40% Labor Savings for New or Existing Clients After image capture, Automation Services and Automation Services LE recognize all required fields with the local Accura XV engine(s). For branch and centralized workflows using full Automation Services, items of low confidence can be routed as snippets to the Key-Pay® Hub, where Enhancement Logic increases confidence levels and read rates. Data verification confirms results on the remaining low confidence items, all within a typical five to ten minute processing window. (For more workflow information, see our Security White Paper.) Automation Services and Automation Services LE have the ability to support all check processing workflows. Recognition engines can be located either centrally or at remote locations and support workflows, such as branch capture (back-counter), teller stations (frontcounter), ATM, remote deposit capture (thin or thick client) and remittance processing. Continuous Process Improvement Remote monitoring and trend analysis is also done by Orbograph using our sophisticated Business Intelligence (BI) application and Business Activity Monitoring (BAM) at the Key-Pay® Hub. If performance drops below targeted levels, Orbograph will proactively initiate performance improvement activities, such as scanner quality review using ScanIQA. Tangible Savings • Up to 40% labor cost reduction in data entry and balancing. 1,000,000 items per day can equate to as high as $700,000 in cost savings per year (many variables can influence savings) • Guaranteed labor cost reduction as volumes decline: Protect profit margins • Compress image processing timeframes for improved funds availability • Eliminate ongoing software maintenance costs • Leverage hardware for multiple recognition applications • AV: Identify 200-500 misencodes per 1,000,000 images Intangible Savings • Eliminate capital investment: Transfer recognition costs to an expense item • Reduce staff management challenges • Maximize FTE utilization • Excellent disaster recovery solution • SaaS Model for IQUA, Image Integrity, Amount Verification, MICR Reject Repair and Sereno • Free software upgrades About Orbograph Software as a Service Automation Services follows a Software as a Service (SaaS) business model, although software is installed on-site. SaaS is a model that is rapidly gaining acceptance universally. “Worldwide SaaS revenue in the enterprise market will exceed $6.4 billion in 2008 - up 27% from the 2007 revenue,” states Benjamin Tomkins of bMighty. Orbograph, a subsidiary of Orbotech, is a premier provider of recognition 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 1,500 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 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. 44 Manning Road, Billerica, MA 01821 • (978) 667-6037 • www.orbograph.com