What are OFX, Direct-connect, and Web-connect?

OFX

OFX (Open Financial Exchange) is a standard created by CheckFree, Intuit and Microsoft in 1997 with the purpose of establishing rules for the electronic exchange of financial data between financial institutions, business and consumers via the Internet.

Direct-connect

Direct-connect, also known as 2-way OFX, refers to a method in which a user of a personal financial management software (i.e. Quicken) can request the download of their financial data directly from within Quicken. Downloaded transactions are automatically matched with existing transactions to avoid duplication and new transactions result in a new entry.

Web-connect

Web-connect, also known as 1-way OFX, refers to a method in which a user manually downloads a transaction file from their financial institution and then imports it into their personal financial management software (such as Quicken). Imported transactions are automatically matched with existing transactions to avoid duplication and new transactions result in a new entry.