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). The bank then completes the payment on behalf of the customer. This is because they must pass through clearing houses that uphold strict guidelines and regulations.
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