Open Financial Exchange
Microsoft, Intuit and CheckFree
February 14, 1997
SGML, XML, OFC
Open Financial Exchange (OFX) is a data-stream format for exchanging financial information that evolved from Microsoft's Open Financial Connectivity (OFC) and Intuit's Open Exchange file formats.
2 Support in various countries,
3 Intuit and QFX,
4 See also,
6 External links,
The OFX standard was announced on the 16 January 1997 by Microsoft, Intuit and CheckFree and was designed as a unified technical specification to converge their respective mechanisms. The first OFX specification, version 1.0, was released on February 14, 1997. The specification allows for bank- and application-specific extensions, although only a subset is necessary to describe a financial transaction.
Versions 1.0-1.6 relied on SGML for data exchange whereas all versions since are XML based. According to the main OFX site: "The specification is freely licensed, allowing any software developer to design an interface that will be supported on the front-end."
Support in various countries:
Many banks in the US let customers use personal financial management software to automatically download their bank statements in OFX format, but most Canadian, United Kingdom and Australian banks do not allow this.
Intuit and QFX:
QFX is a proprietary variant of OFX used in Intuit's products. In the Intuit Products, OFX is used for Direct Connect and QFX for Web Connect. Direct Connect allows personal financial management software to connect directly to a bank OFX server, whereas in Web Connect, the user needs to log in and manually download a .qfx file and import it into Quicken.