Consumer and Business Banking Open Financial Exchange supports banking for both consumers and businesses. Yet all of the functionality defined for Banking is appropriate to some extent for both consumer and business applications. Credit Card Data Credit card data is available to Open Financial Exchange clients through the statement download facility. Statement download provides a way to download credit card transaction data and balances on an as-needed basis. Statement closing information can be made available to clients as well.
Clients can retrieve transactions and balances on a daily basis if they wish.
Clients typically allow customers to view these transactions and guide customers through a process of updating their account registers based on the downloaded transactions. By using transaction IDs supplied by financial institutions, OFX makes it possible for clients to insure that a server downloads each transaction only once. The request also contains starting and ending dates to limit the amount of downloaded data. Clients can remember the last date they received data and use it as the starting date in the next request. If the client wishes to download transactions, it can specify a date range that the transaction fall within.