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.
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References in periodicals archive ?
Concurrent with the release of 2016 ACH volume information, NACHA also announced the Top 50 Originating Depository Financial Institutions and Receiving Depository Financial Institutions in 2016.
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. An originating company in the United States transmits cross-border payment instructions to its financial institution, just as it would with domestic payments, but with the additional required data (if any) in the formats.
Among other things, they require all receiving depository financial institutions to accept same-day transactions and require originating depository financial institutions to pay a $0.052 fee per transaction.
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 rule also requires all receiving depository financial institutions to accept same-day transactions.