GhIPSS - GHANA AUTOMATED CLEARING HOUSE

GHANA AUTOMATTED CLEARING HOUSE

DIRECT CREDIT AND DIRECT DEBIT SYSTEM PARTICIPANTS

TERM DEFINITION

Originator

A customer of an ODFI who initiates a payment transfer.

Payer

A customer of an RDFI whose account is debited in accordance with the payment instruction sent to the RDFI by the originator.

Payer’s Bank

The ODFI where the payer has an account. It assumes the role of an ODFI when it debits the payer’s account and transfers the funds through ACH.

Beneficiary

The person specified in the payment order to receive the transferred funds and whose account is credited by the RDFI.

Beneficiary’s bank

The ODFI where the beneficiary has an account. It takes on the role of an RDFI as it receives the transferred funds from the GACH and credits the beneficiary’s account.

NOTE:
ODFI - Originating Depository Financial Institution
RDFI - Receiving Depository Financial Institution

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