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. MTE – clearing of transactions via automated teller machines.

SEC Codes 52

SEC Codes ACH ODFI Wire Transfer 52

Nanonets

MARCH 21, 2023

Each transfer is sent as a message within a batch of outgoing requests by the bank making the request (known as the originating depository financial institution, or ODFI). Day 1, 10:00 PM: The processor works in conjunction with your bank (the ODFI) to submit a file to the ACH network. Book a 30-min live demo now.

ACH 52

ACH RDFI ACH Network ODFI 52

EBizCharge

JULY 16, 2024

Authorization requirements Before initiating ACH debit transactions, NACHA requires that entities obtain explicit, written authorization from the customer. Authorization documents must be retained and made available upon request, serving as proof of compliance and legitimizing the transaction. How often are NACHA rules updated?

NACHA 52

NACHA Nacha Rules ACH Network ACH 52