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A collection item (also called a noncash item) is an item presented to a bank for deposit that the bank will not, under its procedures, provisionally credit to the depositor's account or which the bank cannot (due to provisions or law or regulation) provisionally credit to a depositor's account. [1] Collection items do not create float. [1]
Memo-posting is a banking practice used in traditional batch processing systems where temporary credit or debit entries are made to an account before the final balance update occurs during end-of-day (EOD) processing. The temporary entry created during memo-posting is reversed once the actual transaction is posted during batch processing.
Many banking systems that implement real-time posting are also built on top of database management systems which allows for the banking system to be more available, even continuously available. The database foundation also allows for multiple batch processes to occur concurrently with more flexibility than can be easily achieved with ...
In general, a lockbox is a post-office box (PO box) that is accessible by a bank. A company may set up a lockbox service with its bank for receiving customers' payments. The company's customers send their payments to the PO box. Then the bank collects and processes these payments directly and deposits them to the company's account.
Electronic bill payment is a feature of online, mobile and telephone banking, similar in its effect to a giro, allowing a customer of a financial institution to transfer money from their transaction or credit card account to a creditor or vendor such as a public utility, department store or an individual to be credited against a specific account.
OLTP has also been used to refer to processing in which the system responds immediately to user requests. An automated teller machine (ATM) for a bank is an example of a commercial transaction processing application. [3] Online transaction processing applications have high throughput and are insert- or update-intensive in database management.
Automated cash handling refers to the process of dispensing, counting, and tracking cash within various business environments using software and hardware devices such as banknote processing. Automated cash handling is used by banks , retail stores, check-cashing outlets, payday loan /advance providers, casinos , and more.
A substitute check (also called an Image Replacement Document or IRD) [1] is a negotiable instrument that is a digital reproduction of an original paper check.As a negotiable payment instrument in the United States, a substitute check maintains the status of a "legal check" in lieu of the original paper check, as authorized by the Check Clearing for the 21st Century Act (the Check 21 Act).