On January 16, 1997 Microsoft, Intuit, and Checkfree announced a technical specification, called Open Financial Exchange, that would enable financial institutions to exchange financial data over the Internet with Web users and users of popular software such as Quicken and Microsoft Money. The objective was to eliminate confusion and uncertainty with a single, unified, open specification.
The initial specification was released on February 14, 1997. It merged elements of Intuit's OpenExchange, Microsoft's Open Financial Connectivity, and Checkfree's electronic banking and payment protocols.