Highlighting broad industry support for the Open Financial Exchange (OFX) specification, thirty-two leading OFX Solution Providers (OSPs) working with Intuit Inc. (Nasdaq: INTU) have committed to support version 2.0 of the OFX specification and to build solutions around its new capabilities. Version 2.0 of the specification further enhances financial information exchange over the Internet by adding support for 401(k) and 1099 statement downloads, as well as bringing OFX into XML compliance, which enables users to interact with more content and applications on the Internet using XML tools. Endorsement by the industry's top system integrators and service bureaus reflects overall market demand and endorsement for this standard for Web-based financial data connectivity.
"Industry response to version 2.0 of the OFX specification has been fabulous," said Steven Aldrich, director of Intuit's financial institutions group. "Financial institutions will have broad support for implementing OFX 2.0 from these thirty-two OSPs. These new capabilities will help financial institutions realize the benefits of XML and the specification's support of new extensions."
OSP Participation with Intuit
The rising number of vendors supporting OFX 2.0 will further accelerate the adoption of the OFX specification. Industry backing by OSPs means that financial institutions will have more choice of processors and be better able to process online banking-related data such as checking, money market, savings and credit card accounts, as well as 401(k) and 1099 tax form data.
OSPs supporting OFX 2.0 with Intuit include: Atris Technology, Inc., BROKAT Financial Systems, CheckFree Corporation (Nasdaq: CKFR), Concentrex Incorporated (Nasdaq: CCTX), Corillian, Destiny, Digital Insight (Nasdaq: DGIN), e-CommLink, edocs, Enterprise Engineering, Inc., Equifax E-Banking Solutions, eSage, Hamilton and Sullivan, Ltd., Home Account, Home Financial Network and Sybase Financial Server Division (recently merged), insci-statements.com (Nasdaq: INSI), InteliData Technologies Corporation (Nasdaq: INTD), Just in Time Solutions, Inc., M&I Data Services, Muir Software, Inc., Novazen, Inc., Online Resources & Communications Corporation (Nasdaq: ORCC), Prologic Corporation, Q UP Systems, S1 Corporation (Nasdaq: SONE), Software Technology Group, Inc., TransactionWorks, Inc., VIFI, Virtual Communications, Inc., WebEasy, Inc., Xenosys Corporation, w-Trade Technologies.
OFX Specification
OFX is a unified specification for the electronic exchange of financial data between financial institutions, businesses and consumers via the Internet. It is designed to support a wide range of financial activities including consumer and small business banking; consumer and small business bill payment; investments, including stocks, bonds, and mutual funds.
