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.
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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.
Getting online to pay
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.
Fed Approves Same-Day ACH Enhancements
The rule also requires all receiving depository financial institutions to accept same-day transactions.
ClearXchange Launches Real-Time Payments Product

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