Originating Depository Financial Institution

Originating Depository Financial Institution

ODFI is a banking term for Originating Depository Financial Institution, used in connection with Automated Clearing Houses (ACH). In the ACH flow, the ODFI acts as the interface between the Federal Reserve or ACH network and the originator of the transaction. The ODFI warrants to the ACH network that the transactions it transmits to the network comply with the rules. This is different from check processing in which the paying bank on which the check is drawn warrants that the transaction is in compliance.

References

ACH Fundamentals (PowerPoint)


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