A prefix meaning one hundredth (1/100). Example: 1/100th of a meter is called a centimeter (there are 100 centimeters in a meter).
EFT Debits (Normal Debit Orders) EFT Debits, previously known as Magtape debits or ACB, allows a business or organisation to debit the account of their client in order to fulfil the obligations of an underlying agreement.
ODFI is an acronym for Originating Depository Financial Institution. RDFI is an acronym for Receiving Depository Financial Institution. When an EFT is processed through Forte Payment Systems, the ODFI is their bank partner. The RDFI will vary, depending on the type of EFT.