Paystand

NOVEMBER 19, 2024

What is a receiving depository financial institution (RDFI)? Table of Contents What is an originating depository financial institution (ODFI)? What are the two most common types of depository institutions? How does an ODFI work? The future of digital payments and ODFIs

ODFI 40

ODFI Origination RDFI Digital Payments 40

EBizCharge

OCTOBER 17, 2023

When this happens, the Receiving Depository Financial Institution (RDFI) automatically initiates a return of the funds to the Originating Depository Financial Institution (ODFI). Review and ACH return initiation: The RDFI will evaluate the transaction and identify the specific issue before initiating the return. What is an ACH return?

ACH 52

ACH Returns RDFI ODFI 52

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). Your bank sends the ACH files with the payment details based on the ACH instructions to the utility company (merchant).

Wire Transfer 88

Wire Transfer Wire Wires ACH 88

Nanonets

MARCH 21, 2023

The ACH network then combines each message into a batch that is sent to the bank receiving the request (the receiving depository financial institution, or RDFI). Day 2, 12:00 PM: The ACH network delivers this latest round of files as ACH credit requests to every bank where your employees have an account (the RDFIs).

ACH 52

ACH RDFI ACH Network ODFI 52

Stax

APRIL 23, 2024

Step 3: Complete the payment request The ODFI or ACH network will send a request from the business’ checking account to the individual’s account, also known as the RDFI, or Receiving Depository Financial institution. Step 4: Payment processing Once the RDFI approves the fund’s amount, the direct payment will be processed.

ACH 88

ACH Direct Deposit ACH Network Wire Transfer 88

PYMNTS

SEPTEMBER 9, 2016

Of the 420-plus customers, Rojas said about 140 are currently using one of the company’s two ACH products, dubbed ACH-ODFI and ACH-RDFI. ODFI focuses on the origination of transactions, while RDFI concentrates on receiving transactions.

Same Day ACH 40

Same Day ACH ACH ODFI Faster Payments 40

Payment Savvy

FEBRUARY 23, 2023

Receiving Depository Financial Institution (RDFI) The RDFI is the bank that is being charged or refunded. If there is a problem with the payment processing, it is usually the RDFI that sends an ACH return message. It receives the ACH entry and submits it to the Receiver.

ACH 52

ACH Returns RDFI ODFI 52