According to the NACHA Top 50 list, SunTrust is the nation's sixth largest originating depository financial institution (ODFI), and the eighth largest receiving depository financial institution (RDFI), of ACH payments.
What does ODFI stand for?
ODFI stands for Originating Depository Financial Institution (banking)
This definition appears frequently and is found in the following Acronym Finder categories:
- Business, finance, etc.
See other definitions of ODFI
- Ontario Dairy Farm Accounting Project (Mississauga, Ontario, Canada)
- Okinawa Development Finance Corporation (Japan)
- Oriental Dance Festival Copenhagen (Denmark)
- Office of Defence Force Development (UN Transitional Administration in East Timor)
- One Dollar for Development (software initiative)
- Operatively Delivered for Fetal Distress (pediatrics)
- Orthogonal Decision-Feedback Detector/Detection
- Opposite Directional Flow-Encoding
- Off Duty Fire Fighter
- Ohio Division of Financial Institutions
- Out 'der Flappin, In 'da Wind
- Old Dominion Freight Lines, Inc
- Omeo & District Football League (Australia)
- One Dollar For Life
- Open, Distance and Flexible Learning (Department for International Development; Glasgow, Scotland)
- Orillia District Fastball League (Canada)
- Optical Dual-In-Line Flat No-Lead (Inersil)
- Outer Dense Fiber Protein
- Osteoclast Differentiation Factor Receptor
- Oxygen-Derived Free Radical
Samples in periodicals archive:
The Reserve Banks and private-sector ACH operators (PSOs) rely on each other to process some transactions in which either the originating depository financial institution or receiving depository financial institution is not their customer.
The agreements required under the operating rules exist between the company initiating the payment instructions (originator) and its originating depository financial institution; the originating depository financial institution and the originating gateway operator, which is the exit point from the national system; and the originating gateway operator and the receiving gateway operator, which is the entry point to the receiving country's national payments system.
The software supports the needs of both originating depository financial institutions (ODFIs) and receiving depository financial institutions (RDFIs).
Similar to rules that many other payment networks have implemented, a fee would be automatically assessed to originating depository financial institutions (ODFI) for every ACH payment that is returned for unauthorized reasons, and for every WEB and TEL payment returned for administrative reasons.
ACH Clarity supports the needs of both originating depository financial institutions (ODFIs) and receiving depository financial institutions (RDFIs).
Laru Corporation, the leading provider of Automated Clearing House (ACH) risk, fraud detection and compliance management software applications, surveyed financial institutions on their ACH compliance processes as both an originating depository financial institution (ODFI) and a receiving depository financial institution (RDFI).
Mellon GCM, 2001 winner of NACHA's Quality Award in the originating depository financial institution category, teamed with Wausau Financial Systems to update and enhance the comprehensive payment processing solutions at Mellon's nationwide retail lockbox system.