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Put very simply, the ACH network moves money from one bank account to another – electronically.
The Receiver can be any individual, corporation or other entity that has authorized an Originator to initiate a credit or debit entry to a transaction account held at an RDFI.
The Originator can be any individual, corporation or other entity that initiates entries into the Automated Clearing House Network.
The Originating Depository Financial Institution (ODFI) is a participating financial institution that originates ACH entries at the request of and by (ODFI) agreement with its customers. ODFI's must abide by the provisions of the NACHA Operating Rules and Guidelines.
The Receiving Depository Financial Institution (RDFI) is any financial institution qualified to receive ACH entries that agrees to abide by the NACHA Operating Rules and Guidelines
ACH (or Automated Clearing House) is a nationwide electronic funds transfer system which provides for the interbank clearing of electronic payments.
ACH payments processed through the PaySimple system are processed using this secure, highly reliable network, and is also the same network used by federal bank and government institutions to securely transfer funds. The Federal Reserve acts as an ACH Operator through which banks transmit or receive ACH entries.