RDFI (Receiving Depository Financial Institutions)

A financial institution qualified by the National Automated Clearing House Association (NACHA) to receive ACH transactions.

Related Terms

  • Merchant Account

    An account opened through a payment processor or financial institution that allows payees to accept credit card payments from a payer.

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  • POP (Point-of-Purchase)

    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...

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