New EU standards, due to take effect from 14 September 2019, will change the way some banks connect to Xero. To comply with the new requirements, many of Xero’s bank feeds will be replaced by new direct feeds using Open Banking.
What is Open Banking?
Open Banking means you can choose to share your bank account information securely and electronically with companies like Xero. It was designed to encourage competition in the banking industry, giving you more choice, as well as greater control of your data and how it’s used.
What does it mean for me?
If you are connected to a Barclays bank feed, or a UK or EU feed set up using Yodlee, these will no longer be available under the new requirements. You’ll need to change to a new direct bank feed, where one is available, so that transactions can continue to flow into Xero each day. As with most things on Xero it is relatively simple to make the switch.
Xero have suggested they will let users know when they need to make changes. As Platinum Xero partners, the team at NR Barton are here to help if needed.
When are bank feeds changing?
The new feeds will be available for most UK banks and account types by 14 September 2019. However, some banks will be making feeds available at a later date, so some customers won’t have a feed to connect to straight away.
In the interim, these businesses will need to manually import transactions into Xero or wait until a feed is available and backdate transactions. See which bank feeds will be impacted in the resources section below.
Xero are running a series of webinars to help explain the changes of Open Banking. These free to access webinars can be found here.
Xero have also published an Open Banking guide which can be found here.
The team at NR Barton are here to help with all aspects of Xero and Cloud Accounting.