Search results
Results from the WOW.Com Content Network
The origins of clearing houses date back to bank cheque clearing in the 18th century. The London Clearing-House was established between 1750 and 1770 as a place where the clerks of the bankers of the city of London could assemble daily to exchange with one another the cheques drawn upon and bills payable at their respective houses.
Step 5: Preparing and Submitting Claims [4] Using the Superbill, the medical biller creates a detailed claim and submits it to the insurance company for reimbursement. Accuracy and completeness are critical during this step to ensure the claim is accepted on the first submission—referred to as a clean claim.
Rather than sending each payment separately, ACH transactions are accumulated and sorted by destination for transmission during a predetermined time period. [6] The Automated Clearing Exchange System (ACES) is the core computerized system for EPN processing of payments between account holders at depository financial institutions.
Mandated by Congress, the clearinghouse is a central repository for positive drug and alcohol test results and test refusals, which are considered a violation under current regulations.
The NCPDP Telecommunications standard includes transactions for eligibility verification, claim and service billing, predetermination of benefits, prior authorization, and information reporting, and is used primarily in the United States. Edig@s (EDIGAS) is a standard dealing with commerce, transport (via pipeline or container) and storage of gas.
The Options Clearing Corporation (OCC) was founded in 1973, initially as a clearing house for five listed markets for equity options. Prior to its establishment, due to a great deal of encouragement from the SEC, the Chicago Board Options Exchange had its clearing entity, the CBOE Clearing Corporation.
The Clearing House Interbank Payments System (CHIPS) is a United States private clearing house for large-value wire transfer transactions. [1]As of late 2024, it settles approximately 500,000 payments totaling US$1.8 trillion per day. [2]
Cheque clearing (or check clearing in American English) or bank clearance is the process of moving cash (or its equivalent) from the bank on which a cheque is drawn to the bank in which it was deposited, usually accompanied by the movement of the cheque to the paying bank, either in the traditional physical paper form or digitally under a cheque truncation system.