![]() Then when you run Quicken, instead of connecting to the bank's server directly, Quicken connects to the Quicken server and retrieves everything it has ready for you. Quicken's server will do this on a regular basis, typically every day. The Quicken server aggregates these downloads and stores them on its own server. It will navigate to wherever the transaction file download link is and download the QFX, OFX or QIF file for you. Quicken's server essentially pretends to be a human and logs into your bank's website. With Express Web Connect the banks don't have to support any special protocols. ![]() Quicken created Express Web Connect as a way of connecting to banks that do not support OFX Direct Connect. The alternative is to manually download transaction files, OFX, QFX or QIF files from the bank's website and then import those into Moneydance. ![]() Not all banks support OFX Direct Connect. There is no middle man and all is secure. With Direct Connect, your passwords are stored locally on your computer and are only sent to the bank when a download is requested. It allows installed apps, such as Moneydance or Quicken, to directly talk to the bank's server and retrieve any new transactions. This is a standardised communication protocol that many banks support. Back in the 2000s the only way to automatically download transactions from a bank into personal finance software was to use OFX Direct Connect.
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