ODFI

ODFI

ODFI is a banking term for Originating Depository Financial Institution, used in connection with Automated Clearing Houses. 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

[http://www.electran.org/docs/annual_meeting/2008/presentations/ACH_vs_Check21-Grant.pdf ACH Fundamentals (PowerPoint)]


Wikimedia Foundation. 2010.

Игры ⚽ Нужна курсовая?

Look at other dictionaries:

  • 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 …   Wikipedia

  • Automated Clearing House — (ACH) is the name of an electronic network for financial transactions in the United States. ACH processes large volumes of both credit and debit transactions which are originated in batches. Rules and regulations governing the ACH network are… …   Wikipedia

  • Otter Co-op — Type Consumers cooperative Founded 1922 (1922) Headquarters Aldergrove, British Columbia, Canada Area served …   Wikipedia

  • Aldergrove Credit Union — The Aldergrove Credit Union is a credit union in Aldergrove, British Columbia, Canada with approximately 20,000 members and assets around $315m CAD. [http://www.cucentral.ca/Private/cu facts/pdf/Webtop1002Q05.pdf Credit Union Central of Canada] ] …   Wikipedia

Share the article and excerpts

Direct link
… Do a right-click on the link above
and select “Copy Link”