ACH Payment vs Wire Transfer: What’s the Difference and Which Payment Method Should You Use?
Stax
JUNE 27, 2024
ODFI submits ACH file – The originator’s bank or payment processor, also known as the originating depository financial institution (ODFI) submits the ACH entry containing the payment details. After that, the bank uses various networks for the transfer depending on the type of wire transfer.
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