A Quick Overview of Payment Processing

Modern payment processing is basically made up of a four step process, whereby physical items are digitally imaged, balanced, brought into your institution’s core accounting system, and submitted to your financial institution for deposit. (Additional secondary processes such as research and archiving can be considered a part of the entire system.) In traditional payment processing, items were hand balanced, hand coded, captured by reader sorters, re-entered, rebalanced, sorted, and then posted. The MirrorImage system wishes to remove some of the more time-consuming and tedious aspects of payment processing by automating a great deal of these procedures.