Stax

JUNE 27, 2024

They’re mostly used to process direct deposits and payments. Some people refer to ACH payments as direct debit, direct deposit, or auto-transfer. 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).

Wire Transfer 88

Wire Transfer Wire Wires ACH 88

Nanonets

MARCH 21, 2023

ACH is most commonly used for direct deposit of payroll, payment of bills, and business-to-business payments. 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). This happens every day at 6 predecided intervals.

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.

SEC Codes 52

SEC Codes ACH ODFI Wire Transfer 52