![]() They can include thousands of more banks which do not have the OFX infrastructure.Īs far as security goes, I would say OFX is actually more risk. This is why all the big personal finance apps have moved to an aggregator type connection. This means, the bank has to invest in and maintain OFX programming.ĭirect Access is a data aggregator, and does not require the banks co-operation. OFX requires a handshake, and 2 systems speaking to each other. That's a bit of an inconvenience, but one I much prefer over the risk I would take with Direct Access. ![]() For the ones that don't, I use a manual process via file export/import. ![]() Most of my financial institutions allow such access. This is no different to you accessing your account via a web browser. The same is also the case for Quicken, Mint, and any other service directly accessing your accounts from their cloud services.īanktivity also offers Direct Download, which makes a connection from your computer to your bank directly, i.e. Armed with your data, a malicious actor (system admin, developer, cyber attacker. You don't know who all has access to your highly sensitive data, by design let alone after intrusion. That means that you are at the mercy of the provider's security controls. How else could their service connect to your financial accounts and allow you to access the data from multiple devices? You surrender your account details including password in clear text to the service provider. I wouldn't mind the cost, but for me the dealbreaker here is security of their Direct Access offering.
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