Receiving Bank

(redirected from Receiving Depository Financial Institutions)

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 Same-Day ACH Rule was approved in May 2015, and will require all receiving depository financial institutions to receive same day transactions and provide faster funds availability to customers.
The receiving gateway operator warrants to the receiving depository financial institutions that settlement for payments with the originating gateway operator is final.
A payment from another country transmitted into the network is treated no differently by a receiving depository financial institution than an entry originated domestically.
Assuming the required agreements are in place, transacting cross-border payments is a process that uses the existing clearinghouse network infrastructure to settle payments between the originating depository financial institution and originating gateway operator, and between the receiving gateway operator and receiving depository financial institution.
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 rule also requires all receiving depository financial institutions to accept same-day transactions.
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.
The bank is one of the nation's largest receiving depository financial institutions (RDFIs).
The software supports the needs of both originating depository financial institutions (ODFIs) and receiving depository financial institutions (RDFIs).