BILLERICA, Mass., March 4, 2011 /PRNewswire/ -- Orbograph today announced that it has developed an automated solution for detecting endorsements on personal and business checks. Automated Endorsement Analysis uses advanced image analysis techniques to scan the back of check images to ensure valid endorsements. By detecting endorsements systematically, financial institutions are better able to manage the risk of check fraud, minimize bank-to-bank litigation, as well as comply with industry regulations.
Financial institutions receive deposited checks from multiple workflows including back office processing, teller, branch, ATM, and remote deposit capture. Many institutions visually inspect high dollar deposited checks for properly signed or stamped endorsements. There is a risk of non-payment by the paying bank if an endorsement is not present. Orbograph's Automated Endorsement Analysis allows a depository bank to test virtually every check prior to clearing as a means to mitigate risk.
Paying banks can also utilize this capability as they look to protect their customers from fraudulent activity. "This idea provides real value through the payment chain. While the depository institution has primary responsibility for endorsements, the paying bank, utilizing this capability, can provide its customers with better service by identifying fraud in a more timely manner. It also provides value to the depository bank who receives earlier notice that an embezzler is negotiating stolen checks," stated Robert W. Jones, Senior Consultant with The Santa Fe Group.
"Our 2010 Orbograph customer survey indicated very strong interest in this capability," stated Andy Leonhardt, Vice President Sales of Orbograph. "Financial institutions continue to strive for operational efficiencies and risk mitigation. We believe this capability can effectively support both objectives."
Automated Endorsement Analysis is available with Orbograph Automation Services™, Orbograph Sereno™ for fraud detection and Orbograph Amount Verification™, and will be introduced at the BAI Connect Pay conference in Phoenix, AZ on March 7-8.
Orbograph (www.orbograph.com), a subsidiary of Orbotech, is a leading provider of recognition-centric software and services for the check processing and forms processing markets. Orbograph's innovative technologies are in use in over 1,000 financial institutions and service bureaus, processing billions of checks and forms annually. Through check processing automation, fraud prevention, data mining for marketing and forms processing automation solutions, Orbograph enables clients to envision more for their organization by reducing costs, managing risk and driving revenue growth, while ensuring that achieving more is a reality.