What is the difference between openfunds and FundsXML?

Both FundsXML and openfunds help to automate the exchange of data by making structural and content-related proposals which can be used as common denominators. Whilst FundsXML specifies the file format and thereby draws on the advantages of XML, openfunds accepts a whole array of file formats, including txt, csv, xls(x) as well as XML files. When issues occur, openfunds implicitly assumes that the data are available, or are being processed, in a spreadsheet. openfunds lays particular emphasis on the exact description and definition of the data fields as well as allocation of a unique identifier for each field, which openfunds calls the “OF-ID”.

In practice FundsXML sets itself apart through the possibility of fully automated data transfer, provided both the recipient and the sender have implemented the standard. In contrast, openfunds prioritises a more user friendly, more manual, semi-automated processing and transfer of fund data using standard software.

Whereas FundsXML requires a given structure for data transfer, openfunds recommends a flat structure. Both have their advantages and disadvantages. Whilst FundsXML manages to avoid redundancies in the data transfer by structuring the data, this is not the case with openfunds. On the other hand, XML produces much larger files because they contain a lot of structural information. openfunds files are also easier to read and are transferred using standard software.