OFX is an acronym for Open Financial Exchange. The OFX file format allows for the electronic exchange of financial information over the Internet between consumers, businesses and financial institutions.
The OFX file format was initially created in 1997 and replaced the older, outdated OFC file format that was introduced by Microsoft. The OFX file format allows consumers to conduct online banking, bill payment and tax download activities.
The .ofx file extension is also used for Olicom Fax image files, which are used in electronic Fax documents. The OFX files used by this application contain images of the faxes that are sent and received with the fax application.
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