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.
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Originating Depository Financial Institution or “ODFI” has the meaning set forth in the Nacha Rules.
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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”), settlement, etc.) and for NACHA Rules compliance. PNC Bank, N.A. is the ODFI for the A2A Service.
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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.

  • When a Fund initiates or receives Automated Clearing House (“ACH”) credit and debit entries pursuant to these guidelines and the rules of the National Automated Clearing House Association and the New England Clearing House Association, the Transfer Agent will act as an Originating Depository Financial Institution and/or Receiving Depository Financial Institution, as the case may be, with respect to such 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, including, but not limited to, the IAT Entry code.

  • 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”).


More Definitions of Originating Depository Financial Institution

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.
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Originating Depository Financial Institution means a financial institution that receives payment instructions from an originator and forwards the entries to an Automated Clearing House.
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Originating Depository Financial Institution means financial institutions that originate ACH Transactions on behalf of its customers. ODFIs must abide by the NACHA operating rules.
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Originating Depository Financial Institution means the financial institution which delivers Automated Clearing House entries directly or indirectly through a third party to its Automated Clearing House operator.
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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.
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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.

  • 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 any Member State Financial Institution or San Marino Financial Institution, as the context requires, that is not a Non-Reporting Financial Institution.

  • 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 that is the subject of an effective Deposit Account Control Agreement and that is maintained by any Credit Party with a Deposit Account Bank. “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.

  • 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.

  • 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 major U.S. commercial bank or a foreign bank with a U.S. branch office or a U.S. agency office with a Credit Rating of at least “A” by S&P and “A2” by Xxxxx’x and, if rated by Fitch, at least “A” by Fitch.”

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