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Glossary
Glossary IPS Payments Glossary of Terms
O
- On-Us
- Entries within an ACH file destined to accounts held at the ODFI. These entries are removed from the file before the file is sent to the ACH operator and are posted internally to the appropriate accounts.
- Operational Field
- The inclusion or omission of an optional field is at the discretion of the Originator of an ACH transaction. While the omission of optional fields will not affect the processing of the item, the Originator must still fill optional fields with blanks or other characters if they do not fill the field with actual information.
- Originating Depository Financial Institution (ODFI)
- The financial institution, which delivers ACH entries directly or indirectly through a third party to its ACH operator.
- Origination
- The process of creating ACH entries for submission through an ODFI to the ACH operator.
- Originator
- The person or organization who has authorized an ODFI to transmit a credit or debit entry to the account of a Receiver with an RDFI, or if the Receiver is also the RDFI, to such Receiver. In some cases the ODFI may also be the Originator.
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