When you save PNG file with alpha enabled and open it than in the Photoshop, you get the picture with alpha aplaied allready - the alpha parts (black parts) are transparent allready. When I saved PSD file with alpha rendered with Octane, it saved alpha allready applied to the layers (beauty, reflection, refraction etc.) so I didn't need to apply alpha layer myself in Photoshop. It would be nice to have this option with Corona as well after you toggle "save alpha, direct alpha" in the save menu of Cinema.