Benefits for Financial Institutions

Offers Financial Services Companies Significant Benefits

Open Financial Exchange is the solution to the financial services industry’s need for a simplified way to exchange electronic financial data with consumers and small businesses. The open, unified specification for the exchange of financial data over the Internet defines a common way for financial institutions and their customers to communicate electronically. The result is that Open Financial Exchange has helped accelerate the adoption of online financial services and enabled financial institutions to offer their customers safe, secure banking, bill pay, investments and other services over the Internet.

The Financial Services Industry Solution

Open Financial Exchange was developed in response to the needs of the financial services industry and in close concert with financial industry leaders. Open Financial Exchange Steering Committees, made up of banking, investments, technology and other financial services industry representatives, are guiding the future evolution of the specification.

Reach Your Customers On The Web And On The Desktop

With Open Financial Exchange, financial institutions can now deliver online financial services to their customers via transactional Web sites, thin clients and popular financial management software that support Open Financial Exchange.

Open Financial Exchange Supports The Online Services Your Customers Want

Open Financial Exchange supports consumer and small business banking, bill pay, investments, bill presentment, tax, loans and image download services.

Open Financial Exchange is the Key To Your Online Business

By eliminating connectivity as an issue, the unified Open Financial Exchange specification is helping financial services companies focus on delivering features and services, and is being used to attract new customers, reinforce loyalty among existing customers and expand financial institutions’ presence beyond traditional geographic and market boundaries.

Open Financial Exchange = Choice

Financial institutions implementing Open Financial Exchange choose an implementation strategy that best suits their business and technology goals. Implementation options include choices of processors, service bureaus and buying or building an Open Financial Exchange server. The Open Financial Exchange technology is extensible and scaleable, so it will continue to support financial services companies as they add new services and customers.

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