Clearing
The process of exchanging and reconciling payment items that result in a transfer of funds from one financial institution to another.
The process of exchanging and reconciling payment items that result in a transfer of funds from one financial institution to another.
Electronic Cheque Presentment (ECP)
The process whereby a cheque or eligible paper item is delivered for payment through transmission and reliance upon electronic information rather than the paper instrument itself.
The process whereby a cheque or eligible paper item is delivered for payment through transmission and reliance upon electronic information rather than the paper instrument itself.
Imaging
The process whereby a copy is taken of both sides of an item and stored in an electronic file as a digitized picture, identifiable though a unique trace/serial number.
The process whereby a copy is taken of both sides of an item and stored in an electronic file as a digitized picture, identifiable though a unique trace/serial number.
MICR line
The electronic codeline at the bottom of a cheque i.e. the Magnetic Ink Character Recognition line.
The electronic codeline at the bottom of a cheque i.e. the Magnetic Ink Character Recognition line.
