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Frequently Asked Questions
1. What are the benefits of Web Connect?
2. What are the benefits of Direct Connect?
3. What is OFX?
4. What is included with Basic connectivity?
5. What is included with Premium connectivity?
FAQs
1. What are the benefits of Web Connect?
No manual data entry - Once set up, the customer can download all their transactions right into Quicken or QuickBooks.
Automatically reconcile data - Complete transaction and balance information makes categorization and account reconciliation easy.
No duplicate transactions – A special transaction-matching algorithm prevents duplicate transactions.
Easier to use - Files may be automatically opened directly from the financial institution Web site – no more searching for saved files.
Automatic account setup – The first time that customers initiate a download from your financial institution Web site, Quicken and QuickBooks will set up their accounts for them—with their data already up to date.
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2. What are the benefits of Direct Connect?
No manual data entry - Once set up, the customer can download their transactions into Quicken or QuickBooks.
Automatically reconcile data - Complete transaction and balance information makes categorization and account reconciliation easy.
No duplicate transactions – – A special transaction-matching algorithm prevents the download of duplicate transactions.
Easier to use – Allows customers to take advantage of Quicken’s One Step Update feature, which instantly connects Quicken to your financial institution’s OFX server to download transactions and balances, and schedule payments.
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3. What is OFX?
Open Financial Exchange (OFX) is a unified specification that financial institutions can adopt for the exchange of financial data over the Internet.
Created jointly by Intuit, Microsoft, and CheckFree in early 1997, OFX streamlines the work financial institutions need to do to connect to multiple customer interfaces, processors, and systems integrators.
OFX is the language that Quicken and QuickBooks speak to other software applications when they request and receive financial information. When a customer downloads their account data, this data request is encoded in OFX and transparently transmitted over the Internet to an OFX Web server.
The server accesses the customer's account data and returns it to Quicken or QuickBooks in OFX format.
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4. What is included with Basic connectivity?
OFX download functionality for your customers into Quicken and/or QuickBooks.
Your financial institution listed within Quicken and/or QuickBooks.
Your financial institution listed on Intuit's financial institution connectivity page.
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5. What is included with Premium connectivity?
OFX download functionality for your customers into Quicken and/or QuickBooks.
Your financial institution listed within Quicken and/or QuickBooks.
Your financial institution listed on Intuit's financial institution connectivity page.
Higher priority technical support.
Participation in a monthly conference call with Intuit.
Live web-based training classes.
Opportunities to put your financial institution's logos and banners inside the software.
Cross-sell opportunities on Quicken's MarketSpace tab.
Links to your financial institution's Website.
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