ODFI Clause Samples
The ODFI (Originating Depository Financial Institution) clause defines the responsibilities and obligations of the financial institution that initiates electronic funds transfers on behalf of its clients. In practice, this clause outlines the ODFI's role in verifying the legitimacy of transactions, ensuring compliance with applicable regulations, and transmitting payment instructions to the appropriate clearing networks. By clearly assigning these duties, the clause helps allocate risk and accountability in electronic payment processes, ensuring that all parties understand who is responsible for the origination and integrity of payment transactions.
ODFI. Autobooks’ or its TPSP’s financial partner will service in the capacity of an ODFI (as defined in the NACHA Rules) for the purposes of transactions originated by User.
ODFI. Aegis will cooperate with Client in supporting a transition to ---- Norwest Bank as the ODFI.
ODFI. Client hereby agrees to the ODFI Schedule, attached hereto as Exhibit B. Such Schedule cannot be modified by Client.