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bank
(redirected from depository financial institution)

    Also found in: Dictionary/thesaurus, Acronyms, Wikipedia, Hutchinson 0.03 sec.

bank

Institution that deals in money and its substitutes and provides other financial services. Banks accept deposits and make loans and derive a profit from the difference in the interest paid to lenders (depositors) and charged to borrowers, respectively. They also profit from fees charged for services. The three major classes of banks are commercial banks, investment banks, and central banks. Banking depends entirely on public confidence in the system's soundness; no bank could pay all its depositors should they simultaneously demand cash, as may happen in a panic. See also credit union; Federal Reserve System; savings and loan association; savings bank.

An arrangement of identical hardware components.
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A payment from another country transmitted into the network is treated no differently by a receiving depository financial institution than an entry originated domestically.
Getting online to pay by Lang, Scott M. / Financial Executive
The report "ACH Challenges Cards in New Markets" looks at ACH strengths and weaknesses and identifies the impact of these on the participants that include consumers merchants, 3rd party processors, originating depository financial institutions (ODFI), receiving depository financial institution (RDFI), and service providers that offer solutions that mitigate ACH risk.
Research and Markets: ACH Challenges Cards in New Markets; Businesses ... by Business Wire
depository financial institutions and electronic payments organizations.
Federal Reserve studies confirm electronic payments exceed check ... by Federal Reserve Bulletin
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