ACH Entry, IRS and ODFI - Payments Space

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. Government payments – You can use ACH to pay individual and business taxes to the IRS.

Wire Transfer

Wire Transfer Wire Wires ACH

ACH SEC Codes

Payment Savvy

NOVEMBER 10, 2022

When it comes to an ACH transaction, there are two main participants. There’s the ODFI, which stands for Originating Depository Financial Institution, and there’s the RDFI, which stands for Receiving Depository Financial Institution. ACH Payments vs. Other Payment Methods. The request is then sent to an ACH operator.

SEC Codes

SEC Codes ACH ODFI Wire Transfer

Payments Space

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

ACH SEC Codes

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