4/25/2023 0 Comments Moneydance vs mintIn fact, many banks intentionally make it harder for customers to access their data in any way that is readable by software. Not all banks support direct OFX connections, and some are dropping support for it. There was no middle man and your login credentials stayed private to you and your bank. The key point is that your passwords were stored locally on your computer and sent only to the bank when a download was requested. That downloaded data was then intercepted and processed by the app. Some banks provided a more lightweight system in which a desktop app opened an embedded web browser through which you logged into your bank’s web site and downloaded an OFX-formatted file with transaction data. OFX also provides a mechanism for online bill payment: managing payees and creating, modifying or canceling payments. It allows installed apps, such as Moneydance or Quicken, to talk directly to the bank’s servers, download transactions, and manage bill payments. Open Financial Exchange (OFX) is a standard protocol supported by many banks in the USA. I’m proud to say that Moneydance was the first indie app to support online banking and bill payment via OFX, and is still one of only a handful that support it. Backstoryīack in the old days (well, the late 90s and 2000s) the predominant method of downloading transactions from a bank via OFX Direct Connect. We fiercely believe that your financial information should be secure and only accessible to yourself, your financial institution, and anyone with whom you explicitly choose to share it. We can assure you that Moneydance will never require such sharing to work. The current trend is personal finance tools that require the sharing of your private financial information with advertisers, unrelated financial services, or simply third party aggregation services. This may sound like common sense, but it’s actually unusual. Your information is never accessible to anyone unless you copy it and explicitly share it yourself. If you have enabled syncing, your financial data, but not your online banking passwords, are encrypted before being uploaded, only to the syncing system that you use. Your financial data and online banking passwords are only stored encrypted on your computer. I’d like to clarify something straight away: Moneydance never sends any financial information, statistics, or online banking credentials to any service other than your own financial institution. Many apps even upload your online banking log-in information to their, or a third party’s, servers. Most financial software these days “phones home” to report information about yourself or your environment. Here at The Infinite Kind we respect your privacy.
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