A simple Photoshop action utility for creating a cutout alpha channel from a transparent later in one click! Will convert any pixel information in a layer to white, add a black background and paste into the alpha channel. Will keep a copy and hide in the RGB channels as well.

Note for this script to work fully you need to first have an alpha channel present. Otherwise it will just create the black and white image in a new layer that you can then copy/ paste into an alpha channel, or save as unique file.