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Plus, ACH payments do not require any human input, but bank employees will manually complete wire transfers. While ACH transactions can be used to both send and receive money, wire transfers can only send funds. There are key differences between ACH transactions and wire transfers despite both being EFT payments.
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These include debit cards, ATMs, wire transfers, electronic checks, and pay-by-phone transaction systems.ĪCH payments and wire transfers are significantly different even though both electronically transfer money from one bank account to another. EFT payments: What’s the difference?ĪCH transactions are a subset of electronic funds transfer (EFT) payments, which encompass a wide range of financial processes to route money directly from one bank account to another.
- Payment processed: The RDFI checks that there are sufficient funds in the account to make payment and, if so, processes it.ĪCH payments vs.
- Payment requested: The ODFI's request for payment is routed to the customer's bank, known as the Receiving Depository Financial Institution (RDFI).
- Transaction initiated: A business sends payment details to its bank or ACH provider, known as the Originating Depository Financial Institution (ODFI).
- Customer authorization: A consumer authorizes direct payments from their bank account at a company's website.
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In essence, each ACH deposit and credit functions as an electronic "check."ĪCH consumer payments use a four-step process: ACH payments are used in a variety of ways to directly deposit money from one bank account to another.įor a business owner, paying your employees by direct deposit is another example of using ACH payments.