Bit Builders Inc., creators of the NextGen Digital Banking platform, announced its business partnership with OrboGraph, a global leader in check and payment processing automation. The collaboration provides an industry-leading platform financial institutions can leverage to deter check fraud at the paying bank as well the depositary financial institution.
Traditional fraud detection methods are often mired in manual processes and fall short due to the ever-evolving tactics of fraud actors. The collaboration of OrboGraph’s OrboAnywhere Fraud Module and Bit Builders’ NextGen Digital Banking platform results in a turnkey solution that delivers sophisticated, AI-based check fraud detection to financial institutions of all sizes.
“Fraudsters are evolving at an unprecedented pace and our partnership with OrboGraph enables us to deliver a game-changing fraud detection solution to our clients.” says John Madaras, President & CEO of Bit Builders. “The NextGen Digital Banking platform, with its industry-leading digital experience, provides an ideal user experience for fraud review, and its built-in host and imaging platform integrations facilitates the deployment of the OrbNet Forensic AI technology to financial institutions, regardless of size or operational complexity.”
Barry Cohen, CEO of OrboGraph added, “We are thrilled to partner with Bit Builders in this transformative journey. By uniting OrboGraph’s fraud detection expertise with Bit Builders’ exceptional user experience, we are creating a synergy that will reshape how many banks combat fraud. Our shared vision is to empower financial institutions to stay ahead of fraudsters and provide the best security measures for their customers.”
Delivering a Turnkey Fraud Detection Solution
- Bank fraud personnel use NextGen’s industry-leading digital platform to review suspect items identified by OrboGraph’s Anywhere Fraud transaction and image forensic detection algorithms.
- Bit Builders’ NextGen Digital Banking platform, with its extensive array of integration connectors, is highly adaptive to the financial institution’s processing environment and can retrieve images directly from the bank’s check imaging system via APIs. Banks can provide transaction information through either index files or APIs.
- Banks can run reports for current and historical fraud analytics.
- Banks can generate daily return files in virtually any format to support a smooth, automated handoff for returns processing.
- Banks can choose from a fully managed cloud-hosted solution or a self-managed on-prem option.
Harnessing Image Forensics
At the heart of the OrboGraph AI solution are its deep learning models central to OrbNet Forensic AI technology. Known for its state-of-the-art fraud detection and prevention capabilities, OrbNet Forensic AI scrutinizes image payment transactions with detection levels of 95%+ on targeted use cases delivering protection to clients of financial institutions.
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