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.

ACH 52

ACH Returns RDFI ODFI 52

Stax

APRIL 23, 2024

Many small businesses choose ACH operators because they are more convenient than most direct deposits. ACH transfers don’t come with high fees and transactions and they’re easily edited if an employer wants to adjust payroll, extend bonuses, or reimburse an employee. While ACH payments are automated, they are not instant.

ACH 88

ACH Direct Deposit ACH Network Wire Transfer 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