Microsoft Certifies The Vanguard Group as First to Deliver Account Data Via XML-Compliant OFX Specification

REDMOND, Wash., Oct. 11, 2002 — Microsoft Corp. today announced an agreement with The Vanguard Group Inc., the nation’s second largest mutual fund firm, to provide account information to consumers via the XML-compliant version of the Open Financial Exchange (OFX) specification.

Now, consumers can seamlessly download their Vanguard account information including mutual fund balances, individual security positions and transaction activity directly into Microsoft®
Money personal finance software versions 2001–2003 via OFX 2.0. Microsoft Money is the only personal finance management software to connect with a financial institution through OFX 2.0.

“The XML-compliant OFX specification connectivity technology helps us exchange financial information with our clients more efficiently than ever before,”
said John Woerth, principal, public relations, at The Vanguard Group.
“This connection enables our clients to easily access Vanguard account information within Microsoft Money, making it easier for them to obtain their complete financial picture.”

Since the first version of OFX became available for download from OFX Consortium founders CheckFree Corp., Intuit Inc. and Microsoft in early 1997, the specification has grown to support a wide range of financial activities, including consumer and small-business banking, bill payment, bill presentment, and investment download and tracking, including stocks, bonds, mutual funds and tax information such as W2 and 1099 forms. The XML-compliant version of OFX is more flexible and can work with more companies’ existing networks, making implementation of the specification easier than ever. It also allows financial institutions to enhance their services as the OFX specification advances.

“This agreement represents the first transfer of data via OFX 2.0 to Microsoft Money, demonstrating the value of an XML-compliant standard for the financial services industry,”
said Greg Martin, connectivity evangelist for OFX at Microsoft.
“Through this certification with Vanguard, Microsoft is delivering on its commitment to help financial institutions simplify the direct exchange of data and, in turn, offer better services to their customers.”

OFX Adoption

With more than 1,400 financial services companies using OFX, the specification is the most widely adopted standard for the exchange of financial information between consumers and financial services providers. OFX is governed by a consortium of leading financial institutions and technology providers that discuss and vote on the advancements of OFX specifications.

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