Originating Depository Financial Institution. A member institution which is responsible for the origination of ACH transactions. This institution may deposit items directly with an ACH or may work through a processing center which is the actual sending point. ODFIs must abide by the provision of the NACHA Operating Rules and Guidelines.
Originating Depository Financial Institution. A financial institution that is qualified to initiate deposit entries submitted by an employer as part of the direct deposit process.
Originating Depository Financial Institution. The ODFI is the originating bank (FirstBank) for your ACH transactions. All ACH batches submitted are routed through your ODFI before being submitted to the Federal Reserve for processing.
Originating Depository Financial Institution. The FI issuing an ACH file(s) on behalf of its client.
Originating Depository Financial Institution. A term used when referring to the clearing of ACH, or Electronic Check, transaction to describe the merchant's bank. The merchant's bank handles the submission of Electronic Check transactions received by the merchant to the ACH Network for clearing.
Originating Depository Financial Institution; A participating Depository Financial Institution that initiates ACH entries at the request of and by agreement with its customers. ODFIs must abide by the provisions of the NACHA Operating Rules and Guidelines.
Originating Depository Financial Institution, the financial institution that deposits an ACH origination file with an ACH operator (either directly, or by way of a third party).