US mutual fund outfit Vanguard is the first financial institution to use the new XML-compliant version of the Open Financial Exchange specification to drop consumer account information into Microsoft Money personal finance software.
Vanguard customers can now download account information including mutual fund balances, individual security positions and transaction activity directly into Microsoft Money via OFX 2.0.
With more than 1400 financial services companies using OFX, the specification is the most widely adopted standard for the exchange of financial information between consumers and financial services providers.
The XML-compliant version of OFX is more flexible and can work with more companies' existing networks, making implementation of the specification easier, says Microsoft. It also allows financial institutions to enhance their services as the OFX specification advances.