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). Your bank sends the ACH files with the payment details based on the ACH instructions to the utility company (merchant).

Wire Transfer 88

Wire Transfer Wires Wire 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

The ACH network then combines each message into a batch that is sent to the bank receiving the request (the receiving depository financial institution, or RDFI). Day 2, 12:00 PM: The ACH network delivers this latest round of files as ACH credit requests to every bank where your employees have an account (the RDFIs).

ACH 52

ACH RDFI ACH Network ODFI 52

Payment Savvy

NOVEMBER 10, 2022

There’s the ODFI, which stands for Originating Depository Financial Institution, and there’s the RDFI, which stands for Receiving Depository Financial Institution. To put it simply, the ODFIs are the financial institutions that send the transaction, while RDFIs are the institutions that receive it. Debit Card/POS Entries.

SEC Codes 52

SEC Codes ACH ODFI Wire Transfer 52