Payment Glossary

COR (Notification of Change)

A COR entry is initiated by a receiving depository financial institution (RDFI) to inform an originator of incorrect information submitted in an entry. The originator must correct the information within six business days or before initiating another entry to the receivers account.

Related Terms

  • MICR (Magnetic Ink Character Recognition)

    Magnetic Ink Character Recognition refers to the recognition of the numbers that are typically found at the bottom of checks. Once recognized, the numbers can automatically be...

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  • NPR (Notice of Proposed Rulemaking)

    A Notice of Proposed Rulemaking is a notice that is publicly issued when any independent agency decides to change, remove or add a rule.

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