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. With ACH payments, it’s also less likely that an individual will forget to pay their bills on time.

Wire Transfer

Payment Savvy

FEBRUARY 23, 2023

To understand why ACH returns appear, you need to know how they work in the first place. 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. ACH Operator The ACH Operator links the two accounts by processing transactions (e.g.,

ACH

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. Using the wrong SEC code can also result in an ACH return.

SEC Codes