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1-Way ofx and Microsoft Money Microsoft Corporation June 3, 2005 What is 1-Way ofx?


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Overview

  1. Introduction


Open Financial Exchange is a broad-based framework for exchanging financial data and instructions between customers and their financial institutions. It allows institutions to connect directly to their customers without requiring an intermediary.

Open Financial Exchange is an open specification that anyone can implement: any financial institution, transaction processor, software developer, or other party. It uses widely accepted open standards for data formatting (such as SGML), connectivity (such as TCP/IP and HTTP), and security (such as SSL).

Open Financial Exchange defines the request and response messages used by each financial service as well as the common framework and infrastructure to support the communication of those messages. This specification does not describe any specific product implementation.


      1. Design Principles


The following principles were used in designing Open Financial Exchange:

Broad Range of Financial Activities – Open Financial Exchange provides support for a broad range of financial activities. Open Financial Exchange 1.0.1 specifies the following services:

 Bank statement download

Credit card statement download

 Funds transfers including recurring transfers

 Consumer payments, including recurring payments

Business payments, including recurring payments


  • Brokerage and mutual fund statement download, including transaction history, current holdings, and balances.

Broad Range of Financial Institutions – Open Financial Exchange supports communication with a broad range of financial institutions (FIs), including:

 Banks


 Brokerage houses

Merchants

 Processors

 Financial advisors

 Government agencies

Broad Range of Front-End Applications – Open Financial Exchange supports a broad range of front-end applications, including Web-based applications, covering all types of financial activities running on all types of platforms.

Extensible – Open Financial Exchange has been designed to allow the easy addition of new services. Future versions will include support for many new services.

Open – This specification is publicly available. You can build client and server applications using the Open Financial Exchange protocols independent of any specific technology, product, or company.

Multiple Client Support – Open Financial Exchange allows a user to use multiple client applications to access the same data at a financial institution. With the popularity of the World Wide Web, customers are increasingly more likely to use multiple applications—either desktop-based or Web-based—to perform financial activities. For example, a customer can track personal finances at home with a desktop application and occasionally pay bills while at work with a Web-based application. The use of data synchronization to support multiple clients is a key innovation in Open Financial Exchange.

Robust – Open Financial Exchange will be used for executing important financial transactions and for communicating important financial information. Assuring users that transactions are executed and information is correct is crucial. Open Financial Exchange provides robust protocols for error recovery.

Secure – Open Financial Exchange provides a framework for building secure online financial services. In Open Financial Exchange, security encompasses authentication of the parties involved, as well as secrecy and integrity of the information being exchanged.

Batch & Interactive – The design of request and response messages in Open Financial Exchange is for use in either batch or interactive style of communication. Open Financial Exchange provides for applying a single authentication context to multiple requests in order to reduce the overhead of user authentication.

International Support – Open Financial Exchange is designed to supply financial services throughout the world. It supports multiple currencies, country-specific extensions, and different forms of encoding such as UNICODE.

Platform Independent –Open Financial Exchange can be implemented on a wide variety of front-end client devices, including those running Windows 3.1, Windows 95, Windows NT, Macintosh, or UNIX. It also supports a wide variety of Web-based environments, including those using HTML, Java, JavaScript, or ActiveX. Similarly on the back-end, Open Financial Exchange can be implemented on a wide variety of server systems, including those running UNIX, Windows NT, or OS/2.

Transport Independent – Open Financial Exchange is independent of the data communication protocol used to transport the messages between the client and server computers. Open Financial Exchange 1.0.1 will use HTTP.

    1. Open Financial Exchange at a Glance


The design of Open Financial Exchange is as a client and server system. An end-user uses a client application to communicate with a server at a financial institution. The form of communication is requests from the client to the server and responses from the server back to the client.

Open Financial Exchange uses the Internet Protocol (IP) suite to provide the communication channel between a client and a server. IP protocols are the foundation of the public Internet and a private network can also use them.


      1. Data Transport


Clients use the HyperText Transport Protocol (HTTP) to communicate to an Open Financial Exchange server. The World Wide Web throughout uses the same HTTP protocol. In principle, a financial institution can use any off-the-shelf web server to implement its support for Open Financial Exchange.

To communicate by means of Open Financial Exchange over the Internet, the client must establish an Internet connection. This connection can be a dial-up Point-to-Point Protocol (PPP) connection to an Internet Service Provider (ISP) or a connection over a local area network that has a gateway to the Internet.

Clients use the HTTP POST command to send a request to the previously acquired Uniform Resource Locator (URL) for the desired financial institution. The URL presumably identifies a Common Gateway Interface (CGI) or other process on an FI server that can accept Open Financial Exchange requests and produce a response.

The POST identifies the data as being of type application/x-ofx. Use application/x-ofx as the return type as well. Fill in other fields per the HTTP 1.0 spec. Here is a typical request:

POST http://www.fi.com/ofx.cgi HTTP/1.0 HTTP headers

User-Agent:MyApp 5.0

Content-Type: application/x-ofx

Content-Length: 1032


OFXHEADER:100 OFX headers

DATA:OFXSGML


VERSION:102
SECURITY:TYPE1
ENCODING:USASCII
OFX request

... Open Financial Exchange requests ...



A blank line defines the separation between the HTTP headers and the start of the Open Financial Exchange headers. A blank line also separates the Open Financial Exchange headers and the request. (See Chapter 2 for more information about the Open Financial Exchange headers.)

The structure of a response is similar to the request, with the first line containing the standard HTTP result, as shown next. The content length is given in bytes.

HTTP 1.0 200 OK HTTP headers

Content-Type: application/x-ofx

Content-Length: 8732


OFXHEADER:100 OFX headers

DATA:OFXSGML


VERSION:101
SECURITY:TYPE1
ENCODING:USASCII
OFX response

... Open Financial Exchange responses ...




      1. Request and Response Model


The basis for Open Financial Exchange is the request and response model. One or more requests can be batched in a single file. This file typically includes a signon request and one or more service-specific requests. An FI server will process all of the requests and return a single response file. This batch model lends itself to Internet transport as well as other off-line transports. Both requests and responses are plain text files, formatted using a grammar based on Standard Generalized Markup Language (SGML). Open Financial Exchange is syntactically similar to HyperText Markup Language (HTML), featuring tags to identify and delimit the data. The use of a tagged data format allows Open Financial Exchange to evolve over time while continuing to support older clients and servers.

Here is a simplified example of an Open Financial Exchange request file. (This example does not show the Open Financial Exchange headers and the indentation is only for readability.) For complete details, see the more complete examples throughout this specification.









19961029101000

123-45-6789

MyPassword

ENG



NCH

1001



MyApp

0500








0





121099999

999988

CHECKING





Y









The response format follows a similar structure. Although a response such as a statement response contains all of the details of each transaction, each element is identified using tags.

The key rule of Open Financial Exchange syntax is that each tag is either an element or an aggregate. Data follows its element tag. An aggregate tag begins a compound tag sequence, which must end with a matching tag; for example, ... .

The file sent by Open Financial Exchange does not contain any white space between tags.


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