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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.
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PPD (Prearranged Payment and Deposit)
A credit or debit entry to the account of a receiver where there is either a standing or one time written authorization that has been signed or similarly authenticated.
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POS (Point-of-Sale)
A one time debit entry to the account of a receiver where the entry is initiated at an electronic terminal. POS transactions are generally initiated with a...
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