Caps, RDFI and Regulations

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

Stax

JUNE 27, 2024

The utility company (the ODFI) passes the ACH files to the financial institution, which then sends a file with the payment request to the customer’s bank (the RDFI). This is because they must pass through clearing houses that uphold strict guidelines and regulations. The bank then completes the payment on behalf of the customer.

Wire Transfer

Wire Transfer Wire Wires ACH

What is an ACH Deposit and How Does It Work?

Stax

APRIL 23, 2024

Step 3: Complete the payment request The ODFI or ACH network will send a request from the business’ checking account to the individual’s account, also known as the RDFI, or Receiving Depository Financial institution. Step 4: Payment processing Once the RDFI approves the fund’s amount, the direct payment will be processed. on average.

ACH

ACH Direct Deposit ACH Network Wire Transfer

Payments Space

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

What is an ACH Deposit and How Does It Work?

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