OFX

OFX (Definition)

OFX, or Open Financial Exchange, is a standardized file format used for the electronic exchange of financial data between different accounting software and financial institutions. Originally developed by Intuit, Microsoft, and CheckFree in the late 1990s, OFX allows businesses and individuals to seamlessly import and export financial data such as bank transactions, credit card statements, and investment account information.

Within the Fiskl platform, OFX is used to facilitate the import of bank statements and other financial data, ensuring accurate and up-to-date accounting records. By utilizing OFX files, businesses can automate data entry processes, reduce errors, and improve the efficiency of financial management tasks. This integration supports the synchronization of financial information across multiple platforms, contributing to a more streamlined and accurate accounting workflow.