Olicom Fax image files used in electronic Fax documents also use the. Many other businesses currently use it to support the exchange of financial data for their goods and services. In 1997, Microsoft, CheckFree, and Intuit combined their separately developed data exchange mechanisms to create OFX. The customer’s account data is accessed by the server, which then sends it back to Quicken or QuickBooks in OFX format.
An OFX Web server receives a transparent data request from a customer when they request to download their account information. To communicate with other software programs and exchange financial data, Quicken and QuickBooks use the OFX language. The early 1997 development of OFX, a collaboration between Intuit, Microsoft, and CheckFree, streamlined the process that financial institutions had to go through to connect to various customer interfaces, processors, and systems integrators. A freely licensed unified Open Financial Exchange (OFX) is used to electronically exchange financial data between or among financial institutions, companies, and clients over the Internet.
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