Originating Depository Financial Institution definition

Originating Depository Financial Institution or "ODFI" means the institution that receives the payment instructions from the Originators and forwards the entries to the ACH Operator.
Sample 1Sample 2Sample 3
Originating Depository Financial Institution or “ODFI” is the FI responsible for initiating your ACH entries to an ACH Operator for execution of your Instruction (e.g., transmitting each entry to the Receiving Depository Financial Institution (“RDFI”), etc.) and for NACHA Rules compliance.
Sample 1Sample 2
Originating Depository Financial Institution or “ODFI” has the meaning set forth in the Nacha Rules.
Sample 1Sample 2Sample 3

Examples of Originating Depository Financial Institution in a sentence

  • We are willing to act as an Originating Depository Financial Institution (“ODFI”) with respect to such Entries.

  • The Company will comply with the Operating Rules of NACHA and any other applicable local ACH Association rules (the “Rules”), and Bank is willing to act as an Originating Depository Financial Institution (“ODFI”) with respect to such Entries.

  • Customer authorizes AB&T, as Originating Depository Financial Institution, to originate ACH Entries on behalf of Customer, as Originator, to the Receivers’ accounts at Receiving Depository Financial Institutions, including Receivers’ accounts at AB&T.

  • Xpress will send all transactions through an Originating Depository Financial Institution (ODFI) all in accordance with the terms of this Agreement, the Operating Rules of the National Automated Clearing House Association (NACHA) and the applicable Federal Regulations governing ACH transactions including, without limitation, the Electronic Funds Transfer Act and Regulation E (collectively the “Rules and Regulations”).

  • Bank will provide to you Bank’s automated clearinghouse (“ACH”) origination services and act as the Originating Depository Financial Institution (“ODFI”) to process the Entry Data submitted by you (or in your name) in accordance with the terms and subject to the conditions of this Service Description and the related Service Documentation (the “Service”).

  • PTC is responsible for accurate transmission of ACH/ICL data received from Client, but is not responsible for any act or omission of an Originating Depository Financial Institution (“ODFI”), Receiving Depository Financial Institution (“RDFI”), ACH/ICL or any other party in connection with the ACH Service.

  • You act as Originator and we act as the Originating Depository Financial Institution ("ODFI") with respect to Entries.

  • The NACHA Rules contain special requirements and impose additional obligations on us when we act as the Originating Depository Financial Institution (“ODFI”) for you with respect to certain Entry codes.

  • ODFI – Originating Depository Financial Institution is the financial institution that receives ACH Transactions from Merchant through FORTE and then forwards these Transactions (defined below) to the ACH Network.

  • These transactions will be placed through a financial institution used by BASE COMMERCE who will be acting as the Originating Depository Financial Institution (“ODFI”).


More Definitions of Originating Depository Financial Institution

Originating Depository Financial Institution or "ODFI" means a depository financial institution that has made an arrangement with another entity to transmit ACH, RCC, or RCP() entries into a payment system on behalf of that entity or another entity, or transmits such entries into a payment system on its own behalf.
Sample 1
Originating Depository Financial Institution. (“ODFI”) shall mean a participating financial institution that originates ACH entries at the request of and by ODFI agreement with its customers.
Sample 1

Related to Originating Depository Financial Institution

  • UK Financial Institution means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

  • Eligible Financial Institution means, as of the date of any assignment as contemplated in Section 8.07(a)(i), a commercial bank or financial institution (i) with a credit rating on its long-term senior unsecured debt of either (a) “AA-” or better from S&P or (b) “Aa3” or better from Xxxxx’x; and (ii) having shareholders' equity of not less than $5,000,000,000.

  • Designated Depository Institution A depository institution (commercial bank, federal savings bank, mutual savings bank or savings and loan association) or trust company (which may include the Trustee), the deposits of which are fully insured by the FDIC to the extent provided by law.

  • Custodial Institution means any Entity that holds, as a substantial portion of its business, financial assets for the account of others. An entity holds financial assets for the account of others as a substantial portion of its business if the entity’s gross income attributable to the holding of financial assets and related financial services equals or exceeds 20 percent of the entity’s gross income during the shorter of: (i) the three-year period that ends on December 31 (or the final day of a non-calendar year accounting period) prior to the year in which the determination is being made; or (ii) the period during which the entity has been in existence.

  • Financial institution means a Bank, Development Finance Institution, Non Banking Finance Company, Modaraba or an institution registered under relevant laws to provide financial services within or outside Pakistan.

  • EEA Financial Institution means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

  • your financial institution means the financial institution nominated by you on the DDR at which the account is maintained.

  • UK Financial Institutions means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

  • foreign financial institution means an institution registered as a foreign financial institution with the Ministry of Finance in the Mexican Banking and Financial Institutions, Pensions, Retirement and Foreign Investment Funds Registry for purposes of Article 195, Section I of the Mexican Income Tax Law.

  • Reporting Financial Institution means a Reporting Finnish Financial Institution or a Reporting U.S. Financial Institution, as the context requires.

  • Insured Depository Institution Insured Depository Institution shall have the meaning ascribed to such term by Section 1813(c)(2) of Title 12 of the United States Code, as amended from time to time.

  • Non-Reporting Financial Institution means any Financial Institution that is:

  • Participating Financial Institution means a financial institution participating in Interac e-Transfer Services, Online Payment Services, or Western Union Services, as the case may be.

  • Depository Bank means the Institution that issues a specific Depositary Receipt on behalf of the underlying company. The Depository Bank maintains a holding of Stock in the Underlying on which it is able to issue Depositary Receipts;

  • banking institution means a bank, bank and trust company, trust company, savings bank, private bank, or a national banking association, organized and doing business under the provisions of any law of this state, or of any other state of the United States, or under the provisions of any law of the United States of America.

  • Depository Institution Any depository institution or trust company, including the Trustee, that (a) is incorporated under the laws of the United States of America or any State thereof, (b) is subject to supervision and examination by federal or state banking authorities and (c) has outstanding unsecured commercial paper or other short-term unsecured debt obligations that are rated P-1 by Moody's, F1+ by Fitch and A-1 by Standard & Poor's.

  • Approved Deposit Account means a Deposit Account maintained by any Loan Party that is the subject of an effective Deposit Account Control Agreement. “Approved Deposit Account” includes all monies on deposit in a Deposit Account and all certificates and instruments, if any, representing or evidencing such Deposit Account.

  • Eligible Institution Any of the following:

  • Approved Financial Institution means any bank approved by Exchange in accordance with its credit review procedures or policies;

  • International Financial Institution means any bank in the top 1,000 (together with their affiliated companies) as measured by "Tier 1" capital or any broker/dealer in the top 100 as measured by capital.

  • Qualified Depository A depository the accounts of which are insured by the FDIC through the BIF or the SAIF and the debt obligations of which are rated AA or better by Standard & Poor's Corporation.

  • Foreign Depository means (a) Euroclear, (b) Clearstream Banking, societe anonyme, (c) each Eligible Securities Depository as defined in Rule 17f-7 under the Investment Company Act of 1940, as amended, identified to the Fund from time to time, and (d) the respective successors and nominees of the foregoing.

  • Eligible Depository Any Reserve Bank or any depository institution or trust company incorporated under the laws of the United States of America or any state thereof and subject to supervision and examination by federal or state banking authorities, so long as at the time of determination of eligibility the commercial paper or other short-term debt obligations of such depository institution or trust company (or, in the case of a depository institution that is the principal subsidiary of a holding company, the commercial paper or other short-term debt obligations of such holding company) have the Highest Credit Rating Available from at least one Rating Agency.

  • Canadian financial institution means (i) an association governed by the Cooperative Credit Associations Act (Canada) or a central cooperative credit society for which an order has been made under section 473(1) of that Act, or (ii) a bank, loan corporation, trust company, trust corporation, insurance company, treasury branch, credit union, caisse populaire, financial services cooperative, or league that, in each case, is authorized by an enactment of Canada or a jurisdiction of Canada to carry on business in Canada or a jurisdiction of Canada;

  • Qualified Institution means a depository institution organized under the laws of the United States of America or any state thereof or incorporated under the laws of a foreign jurisdiction with a branch or agency located in the United States of America or any state thereof and subject to supervision and examination by federal or state banking authorities that at all times has the Required Rating and, in the case of any such institution organized under the laws of the United States of America, whose deposits are insured by the FDIC.

  • Depository Agent is defined in Section 2.6(a) of the Agreement.