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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

Samples in periodicals archive:

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.
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.
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.
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.