ACH Payment vs Wire Transfer: What’s the Difference and Which Payment Method Should You Use?
Stax
JUNE 27, 2024
To initiate an ACH transfer, the originating bank account sends ACH instructions requesting the funds, which are transferred into the receiving account. 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).
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