Remove IRS Remove ODFI Remove PayPal
article thumbnail

ACH Payment vs Wire Transfer: What’s the Difference and Which Payment Method Should You Use?

Stax

ACH is also the technology behind most peer-to-peer money transfer services in the US, including Paypal, Zelle, Cash App, and Venmo. 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.