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). Common uses for ACH payments Some common uses of ACH payments include: Payroll – Businesses all over the US use ACH transfers to pay their employees’ paychecks.

Wire Transfer 88

Wire Transfer Wire Wires ACH 88

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.

ACH 88

ACH Direct Deposit ACH Network Wire Transfer 88

Nanonets

MARCH 21, 2023

What is an ACH transfer? ACH (Automated Clearing House) payments are basically EFTs ( electronic fund transfers ) that use the ACH network to move funds between bank accounts in the United States. Day 2, 1:30 PM: Same-day transferred funds must be processed and settled by this time.

ACH 52

ACH RDFI ACH Network ODFI 52