OFX (Open Financial Exchange)
The open bank-download format behind Quicken and Money files.
OFX (Open Financial Exchange) is an open specification for exchanging financial data between banks and personal-finance or accounting software, first published in 1997 by Microsoft, Intuit and CheckFree. An OFX statement download lists the account, its balance and each transaction with a posted date, a signed amount, a type and a unique transaction ID called the FITID.
Version 1 files are SGML and version 2 files are XML. QFX is Intuit’s branded variant of OFX for Quicken, with an extra header that identifies the bank; the statement inside is standard OFX, which is why a QFX file reads as OFX.
Worked example
One OFX transaction: TRNTYPE DEBIT, DTPOSTED 20260705, TRNAMT -42.50, FITID 2026070512345, NAME COFFEE CO. The amount already carries its sign, and the FITID lets software recognise the same transaction when the next download overlaps.
Common mistake
Editing the file before importing it. Software relies on the account ID and the FITID to recognise transactions it already has, so a hand-edited download can bring the same payments in twice.
Grounded in OFX — Open Financial Exchange specifications guidance. Figures last checked . General information, not tax advice.
Related terms
MT940 (SWIFT customer statement)
The SWIFT end-of-day statement, in tagged plain text.
camt.053 (ISO 20022 bank statement)
The end-of-day bank statement in ISO 20022 XML.
Open banking connector
Software that moves bank transaction data between systems on published standards.
ISO 20022
The international standard for financial messages — payments, statements and more.
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Questions about this term
OFX (Open Financial Exchange): common questions
- What is the difference between OFX and QFX?
- QFX is Intuit’s branded form of OFX for Quicken. It adds a header that identifies the bank to Quicken, while the statement and transaction data inside are standard OFX, so most software that reads OFX reads QFX as well.
- Does 2Fin import OFX and QFX files?
- Yes. Import an OFX or QFX download from your bank in the web app, the Windows app or a self-hosted deployment; each transaction arrives with its own signed amount, and the account ID in the file keeps it with the right account.
- Is OFX the same thing as open banking?
- No. OFX is a file and message format that has existed since 1997, used for downloads and direct connections to finance software. Open banking is a set of regulated or industry API regimes for sharing account data with consent, such as Open Banking, PSD2 or the Consumer Data Right.
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