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). For domestic wire transfers, the bank uses Fedwire (Federal Reserve Wire Network) or CHIPS (Clearing House Interbank Payments System).
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