Background Summary


Open Financial Exchange is an open standard for client-server systems and cloud based APIs for exchanging financial data, and performing financial transactions between financial institutions, and financial applications. Further, the API allows the exchange to be facilitated either directly or via an intermediary such as data aggregation service providers.

OFX has been the dominant direct API for banks to provide data to financial applications since 1997. It is actively deployed at over 7,000 financial institutions, and the remaining institutions have easy access to certified OFX servers via all major technology providers and systems integrators. More information can be found at: http://ofx.org.

The Open Financial Exchange specification is publicly available for implementation by any financial institution or vendor, and is available for review on this website. Open Financial Exchange is being used by CheckFree, Intuit, Microsoft and many others as the mechanism for supporting financial data exchange in their products and services.

OFX is widely implemented (>7,000 OFX FIs)

OFX is developed and maintained by an active consortium of leading financial application, aggregation services, and financial services providers. Current leading members include Intuit, Xero, Enterprise Engineering, Finicity, and Silicon Valley Bank with active participation of 14 other industry leaders.





Evolution of Open Financial Exchange (OFX)




1995

Intuit uses a proprietary connectivity bank and bill payment data protocol (NPC)

1996

Microsoft creates Open Financial Connectivity (OFC)

1996

Intuit creates Open Exchange (OE)

2001

Intuit announces it will not support IFX

2000-2004

OFX emerges as the data transfer standard

2005

OFX adoption exceeds 3000 FIs

1997

Intuit, Microsoft, and CheckFree create Open Financial Exchange (OFX) as specification

1998

IBM creates Interactive Financial Exchange (IFX) as another data transfer specification

1998-2000

Financial Institutions use OFX and IFX, creating standards confusion

2006

Intuit introduces EWC (Express Web Connect aggregation)

2015

OFX adoption increases to over 7,000 Financial Institutions

Consortium reconstitution

2016

2016 Release of OFX 2.2