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FM - Automated Clearing House
The Automated Clearing House (ACH) Network is a processing and delivery system that provides for the distribution and settlement of electronic credits and debits among a large number of financial institutions. The financial industry developed the ACH Network to improve its payment system, designing it as an electronic alternative to the paper check system.
The Automated Clearing House (ACH) enables electronic payment of Monthly Royalty Payments, Lease Rentals and Invoice Payments to MRM.
There are numerous benefits to using a typical X12 EDI infrastructure:
- Insures the integrity of the data because of the built-in checks and balances
- Automates a functional acknowledgement sent by the receiver, acknowledging receipt of the data
- Easily upgradeable, reducing upgrade costs
- EDI translators eliminate custom development
- Adaptable to multiple transmission methods
- Industrial strength design allows for high volumes
- Allows seamless workflow minimizing human intervention
The following MRM business documents are reported using the following X12 data transaction sets:
- Form MMS-2014, Report of Sales and Royalty Remittance, DTS-185, Royalty Regulatory Report
- Form MMS-3160, Monthly Report of Operations, DTS-867, Product Transfer and Resale Report
- Form MMS-4054 - A,B,C, Oil and Gas Operations Report (OGOR), DTS-867, Product Transfer and Resale Report
- Automated Clearing House (ACH) Corporate Trade Exchange (CTX), Electronic Payments, DTS820, Payment Order Remittance Advice
For further information, review the EDI Reporter Handbook,
or call (303) 231-3954, or email Steve Spizale at MRM. |
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