Yes, bleaching it is. Today’s technique uses heat embossing and bleaching in the outlines of the image.
I started with a piece of Wild Wasabi cardstock, stamped the floral image from Elements of Style using Versamark, then heat embossed it with black embossing powder. When it was cool, I used an Aquapainter to pick up some bleach and paint the images. As you can see, it totally changes the colour of the cardstock. I then used the oval Designer Frame EF to create some texture, and the Pinking Hearts Corner punch in the opposite corner. A sentiment from Sincere Salutations was stamped in the oval using Basic Black ink. The finished layer was then placed on a Naturals Ivory card base.