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Open Financial Exchange
The Open Financial Exchange is a data-stream format for exchanging financial information, which stems from Microsoft's OFC? and Intuit's Open Exchange.
The OFX standard was announced in January of 97 by Microsoft, Intuit and CheckFree? and was designed as an open standard to replace their respective diseperate formats. Since OFX allows for bank and application specific extensions, a miniscule amount of institutions fully support the full OFX format. Most Banks support only those standards used by specific financial software applications, such as Quicken or Money. Fortunately Moneydance is able to bypass the limitation and access every bank that offers OFX Direct Connection.
