Stax

JUNE 27, 2024

But cash and checks are rapidly declining as preferred modes of payment. This network allows businesses and customers to initiate and receive automated, electronic debits and credits to both checking and savings accounts. In some cases, you’ll also have to include the type of account (whether saving or checking).

Wire Transfer 88

Wire Transfer Wire Wires ACH 88

Payment Savvy

FEBRUARY 23, 2023

Receiving Depository Financial Institution (RDFI) The RDFI is the bank that is being charged or refunded. It receives the ACH entry and submits it to the Receiver. Receiver The receiver is the individual or company that allows the Originator to initiate an ACH entry.

ACH 52

ACH Returns RDFI ODFI 52

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. There is a number of situations in which ACH payments are used.

SEC Codes 52

SEC Codes ACH ODFI Wire Transfer 52