Remove ACH Entry Remove Federal Reserve Remove FedWire
article thumbnail

ACH Payment vs Wire Transfer: What’s the Difference and Which Payment Method Should You Use?

Stax

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. Instead, the bank first checks whether you have enough funds in your account to complete the transfer.