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:

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)


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


Microsoft creates Open Financial Connectivity (OFC)


Intuit creates Open Exchange (OE)


Intuit announces it will not support IFX


OFX emerges as the data transfer standard


OFX adoption exceeds 3000 FIs


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


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


Financial Institutions use OFX and IFX, creating standards confusion


Intuit introduces EWC (Express Web Connect aggregation)


OFX adoption increases to over 7,000 Financial Institutions

Consortium reconstitution


Release of OFX 2.2


OFX Consortium joins the Financial Data Exchange (FDX)


Release of OFX 2.3

OFX adoption exceeds 7000 FIs