Paystand

NOVEMBER 19, 2024

Table of Contents What is an originating depository financial institution (ODFI)? How does an ODFI work? What is a receiving depository financial institution (RDFI)? The future of digital payments and ODFIs What are the two most common types of depository institutions?

ODFI 40

ODFI Origination RDFI Digital Payments 40

Stax

JUNE 27, 2024

ODFI submits ACH file – The originator’s bank or payment processor, also known as the originating depository financial institution (ODFI) submits the ACH entry containing the payment details. This is the first step for both debits and credits. The bank then completes the payment on behalf of the customer.

Wire Transfer 88

Wire Transfer Wire Wires ACH 88

EBizCharge

OCTOBER 17, 2023

When this happens, the Receiving Depository Financial Institution (RDFI) automatically initiates a return of the funds to the Originating Depository Financial Institution (ODFI). An ACH return must go through a series of steps to return the funds to the ODFI once it meets the criteria for a return.

ACH 52

ACH Returns RDFI ODFI 52

Stax

APRIL 23, 2024

Step 2: Transaction initiation Once your client fills out the form, they will either send it to the ACH provider or the ODFI, which stands for Originating 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

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). 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).

ACH 52

ACH RDFI ACH Network ODFI 52

PYMNTS

SEPTEMBER 9, 2016

Of the 420-plus customers, Rojas said about 140 are currently using one of the company’s two ACH products, dubbed ACH-ODFI and ACH-RDFI. ODFI focuses on the origination of transactions, while RDFI concentrates on receiving transactions. When you think about the attack vector, it’s all about social engineering.

Same Day ACH 40

Same Day ACH ACH ODFI Faster Payments 40

Payment Savvy

FEBRUARY 23, 2023

There are five parties involved in making the payment processing go through: Originator This is a person who submits an ACH transfer to the ODFI. Originating Depository Financial Institution (ODFI) The ODFI receives the request from the Originator and passes it to the ACH Operator. clearing, delivery, settlement).

ACH 52

ACH Returns RDFI ODFI 52