TELECOM Digest OnLine - Sorted: OFX Consortium Develops New Approach To Financial Account Data

OFX Consortium Develops New Approach To Financial Account Data

Monty Solomon (monty@roscom.com)
Mon, 22 Nov 2004 09:56:55 -0500

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Nov. 22, 2004--

Seeks Comments on Process that Increases Safety, Security
and Reliability of Electronic Financial Data Transfers

The OFX Consortium, a group of companies that includes Intuit Inc.
(Nasdaq:INTU), Parsam Technologies, Citigroup (NYSE:C) and Microsoft
Corp. (Nasdaq:MSFT), is working to standardize the way financial
transactions are transmitted over the Internet. The consortium is
seeking comments on a new proposal that would increase the safety,
security and reliability of electronic transfers.

The proposal, available at http://www.ofx.net/ , takes a new approach
to aggregating customer data by extending the widely used Open
Financial Exchange (OFX) specification in ways that allow aggregators
to receive account data for large numbers of users. In addition, it
provides a mechanism that removes the need for sensitive user
information, such as passwords, to be stored on aggregators' systems.

The proposal was developed by the Open Financial Exchange Aggregation
Services Working Group over the past 12 months. This extension to OFX
provides ways to meet data exchange guidelines as defined in BITS
Voluntary Guidelines for Aggregation Services, Version 2.0, published
in January 2004, which is being endorsed by businesses with varying
roles in electronic financial transactions.

- http://finance.lycos.com/home/news/story.asp?story=45168355

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