WEB processing for e-billing and e-commerce
Instant eCheck™ WEB is an ODFI-processing solution that provides merchants with the capability of accepting ACH-entries over the Web in real-time (IRT-processing).
ODFI stands for Originating Depository Financial Institution. In this transaction flow, consumers are able to initiate debit payments for e-billing and e-commerce on a website or payment gateway. Merchants can significantly increase sales and gain repeat customers by offering this simple and convenient online payment option.
The term ODFI is used in connection with the Automated Clearing House system (ACH). The ODFI acts as the interface between the Federal Reserve or ACH network and the originator of the transaction. The ODFI operates as the third party processor (TPP) allowing businesses to utilize robust straight through processing (STP) capabilities. The ODFI certifies to the ACH that the transactions it submits to the network comply with the rules. This is different from most check processing where the bank on which the check is drawn certifies that the transaction is in compliance.
ACH WEB is a Standard Entry Class Code (SEC) as specified by NACHA - the Electronic Payments Association govering the ACH network in the United States. More specifically, ACH WEB is a Web-initiated entry with an electronic authorization through the Internet to create ACH transaction.