ODFI definition

ODFI means the Ohio Department of Commerce, Division of Financial Institutions.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedBook a Demo

ODFI or “Originating Depository Financial Institution” means the financial institution that receives ACH Transactions from Merchant through FORTE and then forwards these Transactions (defined below) to the ACH Network.

ODFI means the Originating Depository Financial Institution” through which SPS initiates Subscriber transactions. “Third Party Processor” or “TPP” shall either mean SPS or a data processing service bureau having a contractual relationship with an ODFI and originating Entries to such ODFI on behalf of SPS at SPS’ request.

Examples of ODFI in a sentence

• Xpress will be responsible for Xpress’ performance in processing ACH services as a third party sender of ODFI transactions in accordance with the terms of this Agreement, and the other applicable Rules and Regulations.

• Customer understands that Xpress and the ODFI will be required to participate in certain audits of Customer in connection with the credit card and electronic funds transfer services provided by Xpress.

• Customer hereby agrees to, and otherwise assumes, all obligations under the Rules and Regulations as an originator to the ODFI with respect to all Entries, which includes without limitation the unconditional obligation of Customer to pay and indemnify the ODFI for all Entries that are returned by any Receiving Depository Financial Institution (RDFI) for whatever reason.

• The parties hereby agree that the ODFI with respect to any Entry, including Zion’s First National Bank, a Utah state bank, shall have the right as a third‐party beneficiary, in the event of a default under this Agreement or the agreement between Xpress and the ODFI, to enforce this Agreement directly and independently against Customer including the enforcement of Customer’s liability to the ODFI as an originator under the Rules and Regulations.

• Without limiting the obligations of Customer to the ODFI under this Agreement and the Rules and Regulations for the payment of all returned Entries, Customer agrees to execute an origination agreement with the ODFI if required by the Rules and Regulations.

More Definitions of ODFI

ODFI means Originating Depository Financial Institution.

ODFI is a financial institution (Network) used by a DCS Merchant who will be acting as the Originating Depository Financial Institution as defined by NACHA rules. A participating financial institution that initiates ACH entries at the request of and by agreement with it customers. ▇▇▇▇’s must abide by the provision of NACHA operating guidelines. For purposes of this agreement this term may also be used to refer Bank of First Deposit which is a term used in conjunction with Check 21 origination,

ODFI means the institution that receives the payment instructions from the Originators and forwards the entries to the ACH Operator.

ODFI refers to an Originating Depository Financial Institution which initiates Credit Entries or Debit Entries to an RDFI’s customer accounts.

ODFI means a financial institution that originates transactions via the ACH Network on behalf of its customers. ODFIs must abide by ▇▇▇▇▇’s Operating Rules.

ODFI means an originating depository financial institution with respect to entries it transmits directly or indirectly to its ACH Operator for transmittal to an RDFI and on which it is designated as ODFI, as more fully defined in the NACHA Rules.

ODFI has the meaning set forth in the Nacha Rules.