http://money.mvps.org/ofx.aspx

http://en.wikipedia.org/wiki/Open_Financial_Exchange

"desgnr" <desgnr[at]verizon.net> wrote in message
news:OW7HZXgUIHA.5980[at]TK2MSFTNGP04.phx.gbl...
| What are OFX files & how do they work ?
| "Cal Learner-- MVP" <via_newsgroup[at]please.tnx> wrote in message
| news:da36o3hcrvan6fhj9fstbquvrdok6me8oo[at]4ax.com...
| > In microsoft.public.money, Brian wrote:
| | > > If your FIs do not have the term "third party" in the descriptions,
| > > > then you will not need to pass info via Yodlee and MSN, nor will you
| > > > need a LiveID on your file.
| > > | > > > http://www.microsoft.com/money/bankonline.aspx
| > > | > > > If you have a mix set up for automatic statement access, you will
| > > > need the LiveID. But Money Plus will connect directly with the FIs
| > > > that are not third party, and the third party ones will go thru
| > > > Yodlee and MSN.
| > > | > | > > That's all well and good, and I truly don't mind MS (or specifically MSN
| > > MoneyCentral) retrieving the info for me if that's what the banks
require.
| > > Fine, grab the data for me and pipe it to my PC. But I am wondering if
| > > there's an option to deny MS from SAVING the information on their
servers.
| > > As
| > > I said, I don't have any desire to allow it, and I don't see any reason
| > > why
| > > MS should insist on it. Hopefully it is an optional "feature".
| | > Having no LiveID will keep that info from MSN and Yodlee servers.
| > The short answer would stop there. Money then will only pass data
| > directly between your FI's servers and your computer. Alternatively
| > you will you will pass data SSL-secured web data via the FI Website
| > with semi-automatic process.
| | > It's easy to select a credit card which will not require you to have
| > the LiveID and still get direct statements. It's easy to select a US
| > Broker which will not require you to have the LiveID and still get
| > direct statements. With banks you would have to be more selective to
| > find that. Many people still opt to not use the LiveID, and download
| > OFX files from the bank's website.
| | | | > | > > PS: I went back and looked at my copy of Quicken, from which I have just
| > > upgraded to Money. While they, too, download financial information on my
| > > behalf, there is no indication that they save my financial information
on
| > > their servers unless I specifically choose to back it up there. My FI
| > > usernames/passwords are even stored in a filestore on my computer rather
| > > than
| > > their servers. Just stating it as a comparison, not a threat. There's a
| > > reason I thought that I might move to Money. It's just that this feature
| > > from
| > > Money startled me. If I can just turn it off while retaining the ability
| > > to
| > > update transactions and balances then all will be well.
|
|

What are OFX files & how do they work ?
"Cal Learner-- MVP" <via_newsgroup[at]please.tnx> wrote in message
news:da36o3hcrvan6fhj9fstbquvrdok6me8oo[at]4ax.com...
- quote -

In microsoft.public.money, Brian wrote:

- quote -

Having no LiveID will keep that info from MSN and Yodlee servers.
The short answer would stop there. Money then will only pass data
directly between your FI's servers and your computer. Alternatively
you will you will pass data SSL-secured web data via the FI Website
with semi-automatic process.

It's easy to select a credit card which will not require you to have
the LiveID and still get direct statements. It's easy to select a US
Broker which will not require you to have the LiveID and still get
direct statements. With banks you would have to be more selective to
find that. Many people still opt to not use the LiveID, and download
OFX files from the bank's website.



- quote -

- quote -

That's all well and good, and I truly don't mind MS (or specifically MSN
MoneyCentral) retrieving the info for me if that's what the banks require.
Fine, grab the data for me and pipe it to my PC. But I am wondering if
there's an option to deny MS from SAVING the information on their servers. As
I said, I don't have any desire to allow it, and I don't see any reason why
MS should insist on it. Hopefully it is an optional "feature".

PS: I went back and looked at my copy of Quicken, from which I have just
upgraded to Money. While they, too, download financial information on my
behalf, there is no indication that they save my financial information on
their servers unless I specifically choose to back it up there. My FI
usernames/passwords are even stored in a filestore on my computer rather than
their servers. Just stating it as a comparison, not a threat. There's a
reason I thought that I might move to Money. It's just that this feature from
Money startled me. If I can just turn it off while retaining the ability to
update transactions and balances then all will be well.

In microsoft.public.money, Brian wrote:

- quote -

If your FIs do not have the term "third party" in the descriptions,
then you will not need to pass info via Yodlee and MSN, nor will you
need a LiveID on your file.

http://www.microsoft.com/money/bankonline.aspx

If you have a mix set up for automatic statement access, you will
need the LiveID. But Money Plus will connect directly with the FIs
that are not third party, and the third party ones will go thru
Yodlee and MSN.

If your FI doesn't provide "direct connect" services, but must be accessed
by Money via "direct connect, via third party services" then going through
the MS server is your only route--if you must have downloaded transaction
information. There are legitimate technical reasons why it's implemented
this way, but I don't guess you'd be interested. I'm not sure at this point
in the evolution of such things that this still implies you would see any of
this data when you log into MSN and know that it never implied that a
complete "copy of [your] financial records be kept on a Microsoft server".

Not sure also why you think MS is a bigger risk than your bank and the bank
is already on the web.

But it's your choice and there is no other way.

"Brian" <Brian[at]discussions.microsoft.com> wrote in message
news:8D142DDE-3E96-46DC-ABB9-29C2951339A2[at]microsoft.com...
- quote -

I have just purchased MS Money 2008 and want to set up an account so that it
pulls information for me from my bank. But I'm rather alarmed to see that if
I do so then a copy of my financial records will be kept on a Microsoft
server. Seems like a big security/identity risk to me. If I wanted to access
my financial info from someone else's computer (and I'd really have to be
dumb to do that!) then I would just go to my financial institution's web site
and log in. I really don't think MS has any legitimate reason to keep that
private/sensitive information. Seems like this is an Achilles Heel in the
software at best, and perhaps a Trojan Horse at worst.

Is there any way to set up online updates and NOT have my financial records
stored on MS's servers? I'm not objecting to using Windows Live to retain
connection information (though that's rather silly too), I'd just like to log
into MSN, click on the Money link, and see....nothing!