Some of Xero’s bank feed connections will change to comply with the new requirements. Xero’s existing bank feeds with Barclays, as well as all UK and EU bank feeds set up using Yodlee, will no longer be available. Many of these will be replaced with new direct bank feeds using Open Banking.
If you are currently using these feeds you will need to change to new direct bank feeds where available. This will ensure transactions can continue to flow into Xero each day.
Xero, however, has partnered with OpenWrks to help bring you new direct feeds that are secure and easy to set up for free.
The new feeds will be available in stages for most UK banks and account types beginning in August. However, some customers won’t have a feed to connect to as some banks will be making feeds available at a later date.
In the meantime, those businesses will need to manually import transactions into Xero or wait until a feed is available and backdate transactions.
More on bank feeds affected by Open Banking here
FCA’s Adjustment Period
The Financial Conduct Authority (FCA) has granted a six month ‘adjustment period’ to the SCA rules for UK banks. As a result, this means a large number of banks can continue to allow customers to use their existing feeds from the 14 September until as late as the 14 March 2020 (in some cases).
What if my existing feed stops importing transactions?
If your feed stops importing transactions, you’ll need to manually import your bank statements into Xero. Read more here.
So how can you get ready?
The new feeds will be made available in stages, beginning in August. Xero will notify all affected customers within the Xero dashboard when your bank feed is ready and will email those that subscribe to Xero directly as well.
The full list of affected bank feeds and the expected dates that you might need to update your feed can be found here.
Find out more
To find out more on these changes, either contact Emma Hardwick or visit Xero’s website.
