This is not new feature .
In simple layman :Feature that "allow you to apply an open receipt against another open receipt"
Receipt to Receipt Applications lets you apply receipts to other open receipts that have on-account and unapplied cash.
This provides you with an efficient approach to settling open cash, because it eliminates the need to open multiple receipts to apply on-account and unapplied cash.
From just one receipt, you can apply one receipt to another open receipt, and the balances and accounting are automatically updated on both receipts.
If you use Oracle Marketing Online's Trade Management to manage claims, then you can now apply to receipts that have open claim investigations, which will in turn update amounts, or cancel claims, in Trade Management. This lets you net underpayments with overpayments in the system. For example, you might do this if you determined that a short payment on a remittance was due to an overpayment on another receipt that resulted in a claim investigation.
Working with Receipt-to-Receipt Applications
You apply a receipt against another open receipt in order to move funds between receipts. Open receipts include receipts that have either unapplied cash or on-account cash. You can then apply the resulting unapplied receipt balance to a transaction.
To use receipt-to-receipt applications, you must set up a clearing account under the Receivables activity Payment Netting to manage the offset of the one receipt against the other.
Both receipts in a receipt-to-receipt application must be in the same currency. If both receipts are in a foreign currency, the result of the receipt application may be an exchange gain or loss. The exchange gain or loss is realized on the target receipt at the time of receipt application. If you later adjust the conversion rate on either receipt, the accounting is rederived using the adjusted conversion rate.
You can unapply a receipt that was applied to another open receipt, provided that neither receipt is drawn negative by unapplying it.
Hope this helps.