File Extension OFX


The .ofx file extension is most commonly associated with files created by financial management software. In this case, OFX stands for Open Financial Exchange, which is a technical specification standard developed jointly by Microsoft, Intuit, and Checkfree back in 1997. The standard enables the free transfer of financial records, data, and transactions between consumers, businesses, banks, and other financial institutions. Currently the OFX consortium claims that 5,500 banks and brokerages as well as major payroll processing companies support use of the OFX format.
 
 
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Although built originally around SGML, the OFX format is now XML based, making the creation of .ofx files very simple. The files consist of a nine line header with information about the OFX version, security, encoding, and compression. Following the header are a varying number of lines containing the data relating to the user's account, followed by the individual transactions posted to the account.

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More Info Regarding File Extension OFX

The security of OFX communications across the internet lies in Secure Sockets Layer (SSL) technology which provides authentication, data encryption, and message integrity. A multi-layered system of user names and passwords, digital certificates, encryption, and message authentication code combine with 128-bit connection to keep communications secure. However, due to the open and vulnerable nature of internet communications, even OFX transactions can be compromised. Users should be sensitive to the possibility of data trackers being installed on their machines via trojan horses, malware, viruses, and malicious code that might be embedded in a website. Those who use online banking and brokering should be diligent to keep antivirus software up to date and running at all times.

For a variety of purposes including editing, the .ofx file can be opened in a standard text editor and the data clearly seen. An individual who knew what he was looking at could easily mine the file for account numbers, bank ID numbers, names, and transaction details. Because of this, it is strongly recommended that users not save external copies of any .ofx files. It's best to import them directly into your financial management software and then delete raw copies if you have them. Due to the simplicity of .ofx files errors, are rare and generally confined to data corruption. If the corruption occurs within the code portion of the file it will not be usable within the financial management software. However, if the corruption occurs within the data of individual transactions, the file will simply display the incorrect data.

Among the dozens of financial management programs that support the .ofx format, some of the more popular titles include Accountz Personal, iBank, GnuCash, Microsoft Money, Microsoft Office Accounting, Moneydance, KMyMoney, Apple iWork, SplashMoney, and Google Finance. Intuit products don't natively support OFX, rather they have developed their own proprietary version of the standard which bears the .qfx extension.

It must be noted that .ofx files are only used in the transmission of data between parties. Individual financial management programs have their own proprietary formats for storing data on the end-user's system. KMyMoney as an example, uses a format with the extension .kmny, while a financial institution will have a different format depending on the software it uses. Conversion to the OFX format occurs "on-the-fly" as connected computers prepare to exchange information. In some cases a hard copy of the .ofx file is saved to the hard drive while in other cases it is not. Users should consult their software documentation for information about this.

A second program utilizing the .ofx extension is the Olicom Fax software. Details of this program are scarce, but it appears to have been an old product shipped with Olicom fax modems. The software would save the fax image, whether inbound or outbound, using the .ofx extension. It is assumed the software is no longer developed or supported.
 
 
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