File Extension QIF
File extension QIF is used by Quicken applications to transmit financial data. QIF stands for Quicken Interchange Format. This file extension is normally used in importing and exporting ASCII files created by Quicken financial software and can be opened using text editors. File extension of this type can run on platforms such as PC and Mac through specified applications.
Financial files saved under this extension can be downloaded and can be viewed by any member of an institution. This can be done through a financial institutions website to a Quicken Software installed on the members end.
In 2006, the creator of Quicken, Intuit, announced the discontinued support for QIF file extension. This is to upgrade the format to Open Financial Exchange (OFX) to eliminate the flaws encountered by QIF. However with the replacement some institutions are charging its member for the download.
A major disadvantage of QIF file extension is duplication of data. But this was eliminated through the upgrade. Some financial institutions that upgraded to OFX need to verify the support for both PC and MAC platforms. However, if a financial institution does not support Mac one can simply do the workaround- changing the bank id to institution supporting Mac- in importing a Quicken file. This can lead to some issues that might arise with regard to the security.
OIF file extension can be opened through software such as Intuit Quicken, available for both Mac and Windows, and Microsoft Money.