Payments Watch

Orbograph announced today that SunTrust Bank will employ Sereno, Orbograph’s image-based fraud detection solution.

As part of its strategy of achieving a single-vendor, image recognition platform, SunTrust will also be utilizing Orbograph’s Centralized and Distributed IQUA, OrboCAR Accura(TM), and Orbograph’s amount recognition technology:

A key benefit of Orbograph’s Enterprise Recognition architecture is the economies of scale available when implementing a single, shared server environment coupled with a single interface for all bank applications utilizing image-based recognition applications.

SunTrust, a long-time user of Orbograph’s Payee Name Verification (PNV), selected Sereno to enhance its already highly effective fraud detection environment. SunTrust is participating in the Orbograph Design Partner Program to obtain the significant benefits that Sereno offers such as flexibility ease of implementation, and the optimized performance required for a robust, image-based fraud detection solution. After undertaking a thorough proof of concept with multiple potential vendors, SunTrust selected Sereno, based on a range of considerations, including a very low false positive rate, a very high fraud detection rate, and its flexible implementation within the bank’s Day 1 and Day 2 workflow and infrastructure.
A low false positive rate is critical to a cost effective image-based fraud detection operation. Many currently marketed fraud systems can identify 50-60% of fraudulent items, however the investment in time and resources required to review suspect items can significantly diminish the financial benefit of the system. For example, a bank running 5,000,000 items per day with a 6% suspect rate could require as many as 75 employees to review suspect items.

“Utilizing Orbograph’s superior recognition technologies, Sereno provides a wider range of protection against fraudulent items with significant reduction in the costs associated with manual review. The combination of Sereno’s high accuracy and low false positive rate translates into a new generation of image-based fraud detection.” says Joseph Gregory, Vice President of Strategic Sales for Orbograph. “We greatly appreciate SunTrust partnership with Orbograph and look forward to a mutually beneficial, long-term relationship through the Orbograph Design Partner Program.”

Donald Marks, Senior Vice President and Delivery Manager for SunTrust stated, “The ability to leverage best-of-breed recognition results across the entire organization will enable us to control our technology expenses and provide us with the most efficient labor costs of operation”. SunTrust will leverage Orbograph’s Enterprise Recognition architecture to create a common platform for all recognition systems including Sereno, Accura, IQA, IQU, Amount Verification, PNV, and APEX(TM).