ARC has entered into the second phase of its effort to
standardize debit memo reason codes, mapping 14 more carriers' debit memos into
the latest version of its Memo Analyzer product.
The new version of Memo Analyzer, a business intelligence
tool that gives users insight into debit memo data, launched Monday.
Since early 2015, ARC has been working to standardize reason
codes. It has identified nine primary categories of debit memos, like
commissions, credit card chargebacks and fares.
In January, the corporation said nine carriers mapped debit
memos in Memo Analyzer. Now, with the additional 14 carriers that have done the
same, the tool has over 130 unique memo reason codes, ARC said. More carriers
are expected to be mapped throughout the remainder of the year.
The latest version of Memo Analyzer also includes
improvements to the user interface and simplified navigation.
"Until recently, every carrier used their own reason
codes for debit memos, making it difficult to properly categorize memos and
ultimately identify root causes," ARC product manager Tracy Young said in
a statement. "This iteration of Memo Analyzer marks the latest effort by
ARC to validate and improve the memo reason standards which will help reduce
debit memos for both the product's users and the industry as a whole."