This is why many banks in the US allow customers who use personal financial management software to automatically download their bank statements in OFX format. This file is universally accepted by financial software, including Intuit Quicken, Microsoft Money and GnuCash. It supports various financial transactions such as consumer and small business banking, bill payments, investments and tax downloads via Internet. It substituted the Open Financial Connectivity (.ofc) format used by Microsoft Money. It is used as an open format for transferring data between vendors, consumers, and financial systems. It is a file format used for financial data files that contain transactions, statements, and other financial information. The OFX file extension is known as Open Financial Exchange File which was created by CheckFree, Intuit and Microsoft in early 1997.
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