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Analyze OFX Data in R

Create data visualizations and use high-performance statistical functions to analyze OFX data in Microsoft R Open.

Access OFX data with pure R script and standard SQL. You can use the CData ODBC Driver for OFX and the RODBC package to work with remote OFX data in R. By using the CData Driver, you are leveraging a driver written for industry-proven standards to access your data in the popular, open-source R language. This article shows how to use the driver to execute SQL queries to OFX data and visualize OFX data in R.

Install R

You can match the driver's performance gains from multi-threading and managed code by running the multithreaded Microsoft R Open or by running open R linked with the BLAS/LAPACK libraries. This article uses Microsoft R Open 3.2.3, which is preconfigured to install packages from the Jan. 1, 2016 snapshot of the CRAN repository. This snapshot ensures reproducibility.

Connect to OFX as an ODBC Data Source

If you have not already, first specify connection properties in an ODBC DSN (data source name). This is the last step of the driver installation. You can use the Microsoft ODBC Data Source Administrator to create and configure ODBC DSNs.

The OFXUser and OFXPassword properties, under the Authentication section, must be set to valid OFX user credentials. In addition to this, you will need to configure FIURL, FIOrganizationName, and FIID, which will be specific for the financial institution. You will also need to provide application-specific settings, including OFXVersion, ApplicationVersion, and ApplicationId.

To connect to some services, you will need to provide additional account information such as AccountId, AccountType, BankId, BrokerId, and CCNumber.

Load the RODBC Package

To use the driver, download the RODBC package. In RStudio, click Tools -> Install Packages and enter RODBC in the Packages box.

After installing the RODBC package, the following line loads the package:

library(RODBC)

Connect to OFX Data as an ODBC Data Source

You can connect to a DSN in R with the following line:

conn <- odbcConnect("CData OFX Source")

Schema Discovery

The driver models OFX APIs as relational tables, views, and stored procedures. Use the following line to retrieve the list of tables:

sqlTables(conn)

Execute SQL Queries

Use the sqlQuery function to execute any SQL query supported by the OFX API.

invbalances <- sqlQuery(conn, "SELECT Id, Amount FROM InvBalances", believeNRows=FALSE, rows_at_time=1)

You can view the results in a data viewer window with the following command:

View(invbalances)

Plot OFX Data

You can now analyze OFX data with any of the data visualization packages available in the CRAN repository. You can create simple bar plots with the built-in bar plot function:

par(las=2,ps=10,mar=c(5,15,4,2)) barplot(invbalances$Amount, main="OFX InvBalances", names.arg = invbalances$Id, horiz=TRUE)