ODFI (Originating Depository Financial Institution)
Financial institutions that originate ACH transactions on behalf of its customers. ODFI's must abide by the National Automated Clearing House Association (NACHA) Operating Rules.Learn More
A one time debit entry to the account of a receiver whom is notified, at the point of purchase, that their check (source document) will be converted into a single entry ACH transaction. The source document must be voided and returned to the receiver at the point of purchase.
UDAP (Unfair or Deceptive Acts or Practices)
Unfair or Deceptive Acts of Practices (UDAP) is a collection of rules for banking regulations, aiming to protect credit card users while adding to card-related disclosures.Learn More