Payment Savvy

FEBRUARY 23, 2023

There are five parties involved in making the payment processing go through: Originator This is a person who submits an ACH transfer to the ODFI. Originating Depository Financial Institution (ODFI) The ODFI receives the request from the Originator and passes it to the ACH Operator. clearing, delivery, settlement).

ACH 52

ACH Returns RDFI ODFI 52

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. This is the first step for both debits and credits. The bank then completes the payment on behalf of the customer.

Wire Transfer 88

Wire Transfer Wires Wire ACH 88

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. Using the wrong SEC code can also result in an ACH return.

SEC Codes 52

SEC Codes ACH ODFI Wire Transfer 52