Open QFX File

QFX File Licensing

A QFX format and extension file, also called a Quicken Financial Exchange file, is a file format created and proprietary by Intuit for its Quicken software.

QFX files are used for the exchange of financial data, account balances, transactions, among others, of a financial nature.

This file format is used to allow Quicken software to communicate with financial institutions.

Any file ending in. QFX is associated with Intuit's "Quicken" software, except for one audio format, which is not the subject of this article.

QFX files are used to import financial institution data directly to the user's computer.

These files contain up-to-date information for each financial institution, including account balances, recent transactions, and other changes to the user's financial accounting.

It is important to mention that the QFX format was derived from the OFX format used in various other financial programs and developed according to the free open source paradigm by Microsoft, Intuit and CheckFree.

Although these formats are similar, they are not compatible with each other, nor interchangeable.

Therefore, Quicken will not import an OFX file and other financial programs will not import a QFX file.

What does the licensing for the use of QFX files mean?

QFX files are generated by financial institutions under the Intuit licensing scheme, since QFX is a proprietary format.

Without such licensing, users will not have the option to use this tool.

That said, some large banking institutions offer downloadable QFX files, but in most cases, the client is the one who ends up paying for the licensing, since these institutions charge a fee for the service.

Obviously not all financial institutions will choose to purchase a license to create QFX files, for this reason Quicken users should be sure to research the financial institutions that may offer downloadable QFX files and what their fees are.

When considering a proprietary financial software package, it is recommended to find out what types of files your financial institutions provide before making a purchasing decision.