The RDFI is the bank that receives an ACH transaction submitted from FirstBank to the Federal Reserve. In the routing process, the transaction first goes to the ODFI. After the ODFI submits the transaction to the Federal Reserve, the Federal Reserve will transmit the payment order to the RDFI.
The FI that receives the ACH debits or credits on behalf of an individual or business client.
A financial institution that provides depository account services to consumers, employees, and businesses and accepts electronic debits and credits to and from those accounts.
A term used when referring to the clearing of ACH, or eCheck.Net®, transactions to describe the customer's bank. The RDFI receives a request from the ACH Network to provide funds for the customer's eCheck.Net® transaction.
A financial institution that qualifies to receive direct deposit entries from an Automated Clearing House.
Any financial institution qualified to receive ACH entries that agrees to abide by the NACHA Operating Rules and Guidelines.
A term used when referring to the clearing of ACH, or Electronic Check, transactions to describe the customer's bank. The RDFI receives a request from the ACH Network to provide funds for the customer's Electronic Check transaction.