GLOSSARY

Open Financial Exchange

OFX (Open Financial Exchange)

The OFX import refers to the manual upload of bank statements or transaction data in the standardised Open Financial Exchange (OFX) format. OFX is widely used by accounting and bookkeeping systems in the United States and the United Kingdom. When no direct bank connection (direct feed) is available, users can upload OFX files to transfer financial transactions into the system in a structured way. The imported data is automatically converted into statement lines, making it immediately available for reconciliation, accounting, and further processing.

What is OFX?

OFX is a standardised file format for the secure exchange of financial information between banks, financial institutions, and accounting software. It enables the structured transfer of balances, transactions, and transaction details, ensuring consistent processing across different systems.

Usage and compatibility

OFX files can be exported by both banks and financial or accounting systems and serve as a common exchange format, particularly in markets such as the United States and the United Kingdom. They are frequently used when automated data synchronisation via a direct bank connection is not available.

Connect amnis to your accounting setup

Export bank statements via OFX or CAMT to seamlessly connect amnis with your accounting system. OFX is required for platforms such as Xero in the US and UK. Explore all available integrations in the amnis WebApp and stay tuned for more to come on our product roadmap.

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Account balance

An account balance indicates the present value of a financial account, whether it is a checking, savings, investment, or loan account. It shows the amount of money available or the outstanding amount owed, depending on the account type. The balance is determined by subtracting withdrawals and debits from deposits and credits.

Business account

A business account is a specialized bank account designed to manage corporate funds and business-related income, used exclusively for handling transactions that support the company’s financial operations. This type of account helps maintain clear financial separation from personal funds, improving transparency in tracking business income and expenses. In some cases, it is legally required for a business to hold a separate corporate account.

Cash management

Cash management refers to the strategic process of all activities designed to manage a company’s liquidity, ensuring that cash is readily available to meet obligations and invest effectively.

Debit interest rate

A debit interest rate, also known as a debit card interest rate, is the interest charged when a bank account linked to a debit card goes into overdraft. This rate applies only when spending exceeds the available balance, effectively resulting in a short-term loan from the bank.

Interest rate

An interest rate is the cost of borrowing or the reward for saving, expressed as a percentage of the principal amount in an account or loan, reflecting the time value of money and compensation for risk. It influences economic activity by guiding consumers, investors, and businesses in decisions related to spending, saving, and investing.

Interest rate risk

Interest rate risk refers to potential financial losses that may arise from fluctuations in market interest rates. Rising or falling rates affect borrowing costs, the value of fixed-income investments, and liquidity planning. For internationally active companies, this can also impact financing and the return on liquid assets. Effective treasury strategies, such as hedging, help reduce this risk.

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About amnis

amnis offers a comprehensive platform for international banking, offering a range of tools in one place. Transfer money abroad, exchange currencies 24/7 and collect international money transfer with your own IBAN accounts supporting 20+ currencies. Founded in 2014 in Zurich, amnis is a regulated payment institution under the supervision of the Banking Supervision Section in Liechtenstein (FMA) within the EEA.

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