New OFX 2.0.2 XML Schema to Support Account Aggregation
OFX Consortium Releases OFX 2.0.2 XML Schema
Mountain View, California, USA. January 22, 2004.
The Open Financial Exchange (OFX) Consortium today announced the public availability of the OFX 2.0.2 XML Schema. This release enables financial institutions and their technology providers to build state-of-the-art OFX systems faster and more cost-effectively using the many off-the-shelf XML development systems that are currently available.
The new OFX 2.0.2 XML Schema is compliant with the World Wide Web Consortium's XML Schema Recommendation, 2 May 2001. It complements the existing OFX 2.0.2 specification and DTD (Document Type Definition) to enable software developers to utilize the latest in XML technology. Additionally, the new OFX XML Schema provides a clear expansion path to allow OFX to support other important XML technologies such as SOAP and WSDL. It also expands OFX to support account aggregation in a manner that conforms to the latest BITS Phase II Aggregation guidelines.
"OFX is fast becoming the industry standard and the preferred method of downloading data by Quicken and QuickBooks customers," said Gil Clark, OFX Program Manager, Intuit. "Because it enables an easier, faster and more accurate download experience for our customers, Intuit is focusing all future development of online banking solutions on OFX. The new schema serves users who are upgrading their systems to new XML technology as well as those who are using OFX for new functionality such as account aggregation equally well."
"Microsoft is committed to simplifying connectivity for financial institutions that want to make it easier for their customers to access their account information electronically," said Greg Martin, financial products connectivity evangelist at Microsoft Corp. "The OFX XML schema enables financial institutions to utilize existing XML systems to easily and quickly implement cost-effective OFX solutions."
As well as enabling financial institutions to connect to their customers, OFX can support connectivity within the systems of the financial institutions themselves. The OFX XML schema allows intra-enterprise-oriented tools to be developed using the latest XML technology that, while dedicated to internal purposes, also adheres to a recognized industry standard. This helps assure interoperability with other internal and external systems.
"The XML schema definition for OFX 2.0.2 will allow financial institutions and vendors the opportunity to leverage modern development tools to develop solutions that use OFX. Citigroup was pleased to participate in this effort to produce a XML schema for OFX, and supports and encourages the use of open standards," said Michael Grandcolas, Chief Architect, Citibanking Technology Solutions Group.
The OFX 2.0.2 XML Schema was developed by the OFX Web services working group chaired by BusinessLogic. Other key contributors were Intuit, Microsoft and Citigroup.
"Business Logic has been working for over a year to help develop the new OFX 2.0.2 XML Schema," said Jon Hagen, CTO, Business Logic. "We believe this extensible, Web services-based version of OFX will be much easier for financial institutions and application providers to implement and extend than previous versions, and we look forward to working with the industry to standardize new extensions of the schema."
The consortium, which includes Intuit Inc., Microsoft, CheckFree Corp., Citigroup, TD Waterhouse and Corrillian Corp., has made the new schema available for review at www.ofx.net and is requesting that comments be submitted.
About OFX Specification
OFX is a unified specification for the electronic exchange of financial data between financial institutions, businesses and consumers via the Internet. It is designed to support a wide range of financial activities including consumer and small business banking; consumer and small business bill payment and investments transaction download, including stocks, bonds, and mutual funds. Today, over 2000 Financial Institutions, both large and small, support OFX solutions through products like Intuit's Quicken and Microsoft Money. Other Web based products benefit from OFX as well as OFX offers greater integrity of data and enhanced features and functionality.
About Intuit Inc.
Intuit Inc. (Nasdaq: INTU) is a leading provider of business and financial management solutions for small and mid-sized businesses, consumers and accounting professionals. Its flagship products and services, including QuickBooks, Quicken and TurboTax software, simplify small business management and payroll processing, personal finance, and tax preparation and filing. ProSeries and Lacerte are Intuit's leading tax preparation software suites for professional accountants. Founded in 1983, Intuit had annual revenue of more than $1.6 billion in its fiscal year 2003. The company has nearly 7,000 employees with major offices in 13 states across the U.S. and offices in Canada and the United Kingdom. More information can be found at www.intuit.com.
About BusinessLogic Corporation
Business Logic Corporation is an Application and Integration Solutions Provider focused on the front office integration needs of the financial services and employee benefits industries. Business Logic has been providing application and integration solutions to top- tier financial institutions and their partners since 1996. Our solutions allow over 22 million investment account holders at multiple financial institutions to access and manage their money. These solutions include Managed Accounts for the 401(k) industry, Enterprise OFX-based connectivity solutions, and account access for the enterprise. Business Logic has consistently been a leader in providing solutions that leverage the latest technology standards and address the business needs of the financial services and employee benefits industries.
Citigroup (NYSE: C), the preeminent global financial services company with some 200 million customer accounts in more than 100 countries, provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers Life and Annuity. Additional information may be found at: www.citigroup.com.
About Microsoft Founded in 1975, Microsoft (Nasdaq: MSFT), is the worldwide leader in software, services and Internet technologies for personal and business computing. The company offers a wide range of products and services designed to empower people through great software -- any time, any place and on any device.