Receiving Bank

(redirected from Receiving Depository Financial Institution)
Also found in: Acronyms.

Receiving Bank

A bank that collects an electronic transfer from another bank. It is also called a receiving depository financial institution.
References in periodicals archive ?
The originating gateway operator serves as the receiving depository financial institution for the purposes of applying the operating rules to payments within the United States.
The rule also requires all receiving depository financial institutions to accept same-day transactions.
Currently in live production at one of the country's 10 largest receiving depository financial institutions (RDFIs), the eGistics centralized ACH archive helps financial institutions better respond to the operational and risk management challenges presented by rising electronic payment volumes.
The addition of the IAT entry code will assist originating depository financial institutions (ODFIs) and receiving depository financial institutions (RDFIs) in identifying international transactions, which sometimes appear as domestic transactions and require greater scrutiny.