Term
Batch process,
store-and-forward system |
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Definition
| ACH Payment Transactions are accumulated throughout the day, sent to the ACH Operator, sorted by destination, and transmitted in groups at specified time. |
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Term
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Definition
| A company or individual that has been authorized by the Receiver to initiate either a credit or debit ACH entry to their account. |
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Term
| Originating Depository Financial Institution (ODFI) |
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Definition
| A financial institution that receives payment instructions from Originators and forwards the entries to the ACH Operator. |
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Term
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Definition
| An individual or a company that has authorized the originator to initiate an ACH entry to their account with the RDFI. |
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Term
| Paying Bank (Payor's Depository Financial Institution) |
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Definition
| Financial institution identified by the routing number encoded on the MICR line of a check. |
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