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	Home Company Company Background Our Customers Our Partners Associations News Events Careers Contact Us Solutions Industry Solutions Banks/Lockbox Providers Utilities/Communications Government/Cities Mortgage Banking Insurance Non-Profit Organizations Newspapers/Publishing Great Plains Users Remittance High Volume Medium Volume Low Volume Mixed Mail Cash Application MBS Great Plains Custom Software Base Software Remote Deposit Image Inquire Image Archive CAR/LAR Web Inquiry Page Scan Lockbox MICR Match Credit Card Hot File Bar Code Mark Sense Image Shrink Wrap Over The Counter EBPP Resources Purchasing Wisely Cost Justification Sample RFP Vendor Checklist Processing Basics Why Automate? Remittance Overview Manual Workflow Automated Single Pass Automated Dual Pass OCR Fonts Scanline Sample Check Digit Glossary of Terms Support Contact Us
	Why Automate? Remittance Overview Manual Workflow Automated Single Pass Automated Dual Pass OCR Fonts Scanline Sample Check Digit Glossary of Terms		Glossary of Payment Processing Terms: ABA American Bankers Association: This is the association which administers the standards for MICR encoded checks in the United States. ACH Automated Clearing House: The network, governed by NACHA, that processes electronic payments. Payments may be initiated by a variety of means including web, telephone, or accounts receivable check conversion. ARC Accounts Receivable check Conversion: Refers to the process by which a personal check received as a payment for an invoice may be converted to an electronic (ACH) payment for clearing overnight. Amount Field A field in the MICR line of a check, which identifies the amount for which the check is being drawn. This is the only field which is encoded after a check is written. Auxiliary On-Us Field Part of the MICR line of a check. Usually used as a serial number field to identify the sequential check number. Binary Image A scanned image in black and white (no gray levels). CAR Courtesy Amount Recognition: Machine reading of the hand written numerical amount of a check. Checkdigit A calculated number, inserted into a scanline to ensure accuracy. Calculation is performed when the line is printed, and again when it is read. If the checkdigits do not agree, then the information is incorrect. Click here for a sample. Check 21 The Check Truncation Act for the 21st Century: This legislation essentially gives an Image Replacement Document (IRD) the same legal status as a check. This allows truncation of checks at the point of presentment and clearing of the payment by the exchange of images. CPA Canadian Payments Association: This is the association which administers the standards for MICR encoded cheques in Canada. DPI Dots per Inch: A measurement of image resolution. 100 or 200 DPI are common in check imaging. DPM Documents per minute, a measure of track speed in a transport. Drop-Out Ink Background print which is transparent to an optical scanner or image camera. EBPP Electronic Bill Presentment and Payment. Using the internet or e-mail to present bills and collect payments. Encoding The process of printing MICR information on a check. Often used to refer specifically to amount field encoding. Endorsing Stamping or printing deposit account information on the back of a check. Font Formation of readable characters. Common readable fonts include OCR-A, OCR-B, and E-13B. Click here for a sample. Gray Levels A measure of the depth of an image in shades of gray. Although binary (black & white) images are more common, 16 or 256 gray levels are sometimes used in check imaging applications. ICR Intelligent Character Recognition: Machine reading of hand writing or print, interpreted from a image scan. IRD Image Replacement Document: A reproduction of a check from a digital image of the original. Under new Check 21 legislation, an IRD will have the same legal status as the original check. Lockbox A third party remittance processing service. MICR Magnetic Ink Character Recognition: Machine reading of a special print in magnetic ink, using a magnetic head. The most common use of MICR is to read the bank information printed on the bottom of checks in E-13B font. NACHA National Automated Clearing House Association: The leading association for setting standards and providing solutions for electronic payments. NACHA sets the regulations for ACH transactions. OCR Optical Character Recognition: Machine reading of print in a readable font, using an optical read head. This is the most common type of recognition used in remittance processing. On-Us Field A field in the MICR line of a check. It identifies the account against which the check is being drawn. Posting Applying payments to accounts receivable. Remittance A payment, usually in the form of an invoice stub and a check. Remittance Processing Automatic processing of payments, usually by scanning the invoice stub and encoding the following check. This process creates a bank deposit, and accounts receivable posting file. Retail Lockbox A high volume (but usually low dollar) lockbox operation. Routing Code A field in the MICR line of a check. Together with the transit field, it identifies the bank on which a check is drawn. Scanline A group of characters in a single line, printed in an OCR readable font. Usually contains one or more checkdigits. Click here for a sample. Stub The tear-off portion of an invoice or statement, which is returned with the check. TIFF Tagged Image File Format: A format used for image storage. This is a standard format also used for FAX transmissions. Group 4 compressed TIFF is the most common implementation of this standard. Transaction A balanced group of credit and debit documents. Transit Field A field in the MICR line of a check. Together with the routing code, it identifies the bank on which a check is drawn. Upload Posting of transactions in a data file to the host accounts receivable system. Wholesale Lockbox A low volume, (but usually high dollar) lockbox operation. Organizations today are under tremendous pressure to show performance improvements, to yield higher output to save costs with reduced input factors. Automation of payment processes can facilitate this objective, if implemented wisely. Automation of the remittance processing function (data entry of paid invoices, and deposit of associated checks) can deliver substantial savings to most organizations after just an average 500 payments per day. The Creditron RP$ remittance processing solution is PC driven using industry standard operating systems. Technologies utilized include Image Processing, Optical Character Recognition (OCR), Bar Code, and Magnetic Ink Character Recognition (MICR), Courtesy Amount Recognition (CAR) and Legal Amount Recognition (LAR). We tailor specific solutions for remittance processing sites which have low to mid-range volumes (between 500 and 50,000 payments per day), or special requirements which cannot be addressed by many high speed transports. Thank you for visiting our remittance processing web site. Please take a few moments to explore the whole site, as there is a great deal of information here pertaining to remittance processing. Creditron is proud of the remittance processing challenges it has been able to address with it's innovative remittance processing solutions. We understand the challenges of remittance processing, and we specialize in remittance processing systems that are both innovative and effective. If remittance processing is part of your business, you are sure to find this site of interest. Ideal for utility payments, mortgage payments, retail and wholesale lockbox operations, traffic ticket payments and more. If you are new to remittance processing, payment processing, check processing, why not check out our "BASICS" section?