AAP Flashcards | 151 Questions with 100% Correct Answers
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A company or individual that has been authorized by the Receiver to initiate either a credit or debit ACH entry to their account. - ✔✔Originator A financial institution that receives payment ins... tructions from Originators and forwards the entries to the ACH Operator. - ✔✔Originating Depository Financial Institution (ODFI) ACH Payment Transaction are accumulated throughout the day, sent to the ACH Operator, sorted by destination, and transmitted in groups at specified times. - ✔✔Batch Process, store-and-forward system An individual or a company that has authorized the Originator to initiate an ACH entry to their account with the RDFI. - ✔✔Receiver Financial institution identified by the routing number encoded on the MICR lineof a check. - ✔✔Paying Bank (Payor's Depository Financial Institution) A financial institution that receives ACH entries from the ACH Operator and posts the entries to the accounts of its depositors. - ✔✔Receiving Depository Financial Institution (RDFI) The central clearing facility for ACH transactions. - ✔✔ACH Operator A voluntary association of depository institutions that facilitate the clearing of checks or electronic items through the direct exchange of funds between memebers. - [Show More]
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