The Open Financial Exchange (OFX) format is a specification for exchanging financial data between financial institutions, businesses, and consumers via the Internet. It's primarily used for online banking, electronic bill payment, and investment tracking. OFX allows users to download transaction information, account balances, and other financial data from their banks or brokerage firms into personal finance software. It supports a wide range of financial activities, including checking, savings, credit card, and investment accounts. OFX is designed to be platform-independent and secure, using encryption and authentication mechanisms to protect sensitive financial information. While it has been largely superseded by newer formats like QFX (Quicken Financial Exchange), OFX remains in use by some institutions and software applications, particularly for older systems or specific data exchange requirements. The format facilitates automated reconciliation and financial reporting, streamlining financial management processes for both individuals and businesses. It's a text-based format, making it relatively easy to parse and process, although the specific structure and tags can be complex.