Evolution of OFX to facilitate online financial

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s. ervices. Presented by. :. Harsh Jha, Sandeep. University of Minnesota. Class Topics. :. . XML, Schema integration in Distributed DBMS. Sources. :. Wikipedia. OFX Official Site (. http://www.ofx.net. ID: 515139 Download Presentation

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Evolution of OFX to facilitate online financial




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Slide1

Evolution of OFX to facilitate online financial services

Presented by:Harsh Jha, SandeepUniversity of Minnesota

Class Topics: XML, Schema integration in Distributed DBMS

Sources

:

Wikipedia

OFX Official Site (

http://www.ofx.net

)

taxOpen Financial Exchange 2.0 Earning Broad Industry Support (January 03, 2001)

Fundamentals of Database Systems (Chap. 12), Elmasri et al.

Harness the power of XML to Open Financial Exchange files, Colin Beckingham (March 17, 2009)

Slide2

OFX Introduction

CUSTOMERSConsumersFamiliesTax PayersSmall Businesses

INSTITUTIONSFinancial InstitutionsFinancial AdvisorsGovernment AgenciesMerchants and BusinessesInformation ProvidersTransaction Processors

OFX is a framework for exchanging data

.

Employs schema integration.

Slide3

Well-formed and valid XML

Well Formed

:

Has XML declaration

Indicates version of XML being used as well as any other relevant attributes

Every element must matching pair of start and end tags

Within start and end tags of parent element

Valid XML

:

Must be well-formed

Follows a schema

Slide4

Example of an OFX file

Header:OFXHEADER:100DATA:OFXSGMLVERSION:102SECURITY:NONEENCODING:USASCIICHARSET:1252COMPRESSION:NONEOLDFILEUID:NONENEWFILEUID:NONE Body:<OFX>  <SIGNONMSGSRSV1>    …  </SIGNONMSGSRSV1>  <BANKMSGSRSV1>    …          <STMTTRN>            <TRNTYPE>PAYMENT            <DTPOSTED>20050824080000            <TRNAMT>-80.32            <FITID>219378            <CHECKNUM>1044            <NAME>FrogKick Scuba Gear          </STMTTRN>    …  </BANKMSGSRSV1></OFX>

Well Formed XML?

Valid XML?

Slide5

XML-ized OFX version

Header:<?xml version="1.0" encoding="ASCII"?><?OFX OFXHEADER="200" VERSION="211" SECURITY="NONE" OLDFILEUID="NONE" NEWFILEUID="NONE"?> Body:<OFX> <SIGNONMSGSRSV1>    … </SIGNONMSGSRSV1> <BANKMSGSRSV1>    …          <STMTTRN>            <TRNTYPE>POS</TRNTYPE>            <DTPOSTED>20050824080000</DTPOSTED>            <TRNAMT>-80</TRNAMT>            <FITID>219378</FITID>            <NAME>FrogKick Scuba Gear</NAME>          </STMTTRN>    … </BANKMSGSRSV1> <CREDITCARDMSGSRSV1>    … </CREDITCARDMSGSRSV1></OFX>

Parse OFX XML files (an example)

:

<?

php

// test

ofx

$

xmlstr

=

file_get_contents

('sample.xml');

$xml = new

SimpleXMLElement

($

xmlstr

);

echo $xml->BANKMSGSRSV1->STMTTRNRS->STMTRS-

>TRNAMT."\

n";

?>

Slide6

Understanding OFX

Created on January 16, 1997 by Microsoft, Intuit and CheckFree.

Convergence of their respective payment protocols.

Streamlines processes of financial institutions.

Full data synchronization and complete error recovery.

Over 5500 financial institutions use it.

Slide7

Impacts/Applications of OFX

Tax Softwares

E-bill pay

Personal Financial Management Softwares

Financial software development

Interbank/Intrabank funds transfer

Slide8

Thanks!

Questions?

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