OFX (Open Financial Exchange)
Also known as: Open Financial Exchange.
Definition
OFX, short for Open Financial Exchange, is an open file format (SGML in version 1.x, XML from version 2.0) for exchanging financial data between banks, brokerages, and accounting software. An OFX file carries a structured list of transactions plus account metadata such as account number, currency, and statement period. It is widely accepted as an import format by Quicken, QuickBooks Desktop, and many other personal-finance and accounting tools.
Why it matters
OFX is more reliable than CSV because it carries typed fields and account metadata, which means the receiving software does not have to guess column meanings. When a bank does not provide OFX directly, converting a PDF statement to OFX is often the fastest path into Quicken or QuickBooks Desktop.
How DocuClipper handles it
DocuClipper converts PDF bank statements to OFX 1.0.2 files with the account header, transaction types and one FITID per transaction. See PDF to OFX and QFX.
Related terms
DocuClipper extracts financial documents with 99.9% field-level accuracy across any bank, any format, rated 4.7/5 across 124 G2 reviews.