Open File Extension OFX
File extension OFX is most commonly associated with an Open Financial Exchange file, which contains data pertaining to a financial transaction and can be imported into a variety of money-management applications. Though uncommon, the OFX file extension was also used by Olicom Fax to store documents as images.
The Open Financial Exchange file format was developed by CheckFree, Intuit and Microsoft, with the original specification released in 1997. OFX files were designed to be a solution to transferring financial transaction data which would be widely supported by a range of financial management applications. OFX files are used to transfer transaction information from financial institutions websites, and may be either one or two-way. One-way OFX transmissions, sometimes referred to as active statements, involve the download of statements or transaction details from a financial institutions website. Two-way OFX transmissions, which are sometimes referred to as direct statements, offer the same functionality with the addition of electronic payments if supported by the client's bank, and can be initiated client-side.
OFX files are widely used by both consumer and business banking, and allow the integration of live financial transaction information into customer systems. As the OFX standard is an open format, developers can build their own front-end interfaces to make use of data from financial institutions.
OFX files which conform to version 1.6 or older were written in SGML (Standard Generalized Markup Language), with subsequent versions making use of XML (Extensible Markup Language).
OFX files which relate to financial data can be opened using any application which supports the format. OFX files can be opened using Microsoft Money, Microsoft Office Accounting and Sage Accpac on the Windows platform, Apple iWorks 08 Numbers and above on the Mac and GnuCash on both Mac and Linux. Though Intuit was involved in the development of the OFX format, Quicken, their flagship financial management application, only supports financial transaction data in their own File extension QFX format.
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