OFX Consortium Releases New SpecificationFor Data Downloads

February 11, 2005, 1:00 a.m. EST 1 Min Read

REDMOND, Wash. - (02/11/05) -- The Open Financial ExchangeConsortium Thursday announced the availability of the Automatic1-Way OFX specification providing banks, credit unions andbrokerages a choice in exchanging electronic data with theircustomers. The Automatic 1-Way OFX specification enables seamlessdownloading of account statements from a financial institution'ssite into personal finance software, such as Microsoft Money andIntuit's Quicken and QuickBooks, or account aggregation softwareoffered at many financial institution sites. Full 2-way OFX allowspayment transmissions, money transfers and email exchange betweenfinancial institutions and their customers, in addition tostatement downloads. The OFX Consoritum consists of Microsoft,Parsam Technologues (uMonitor), Citigroup, Fidelity Investments,Intuit and Teknowledge Corp.

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