With Open Financial Exchange financial institutions can now deliver online financial services to their customers via transactional Web sites, thin clients and popular financial management software that support Open Financial Exchange." OFX Version 2.0 adds a (US) Tax extension covering W information. Other financial services, including financial planning and insurance, will be added in the future and will be incorporated into the specification. Created by CheckFree, Intuit and Microsoft in early 1997, Open Financial Exchange supports a wide range of financial activities including consumer and small business banking consumer and small business bill payment bill presentment and investments, including stocks, bonds and mutual funds.
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It provides high security and features full data synchronization and complete error recovery. Open Financial Exchange is an Internet-oriented client-server system that features a direct connection between the client and the financial institution's server, employing a request-response model. "Open Financial Exchange is a unified specification for the electronic exchange of financial data between financial institutions, business and consumers via the Internet.
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