Open Financial Exchange (OFX) is the new industry standard for online banking. Specifically, OFX is a unified specification, or protocol for the exchange of electronic financial data over the Internet. It streamlines the delivery of transactions and other financial information from financial institutions to their customers. This process involves communication between financial institutions, transactional servers, and customers.
Quicken uses a variant of the OFX protocol, QFX, to update your financial information. Your financial institution must support QFX in order to update your accounts in Quicken.