Important News about your Direct Banking Feeds

New EU industry-wide standards that are scheduled to take effect from 14 September 2019 may affect your live banking feed.

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 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 bank feeds, you may need to change to the new bank feeds, where available. It should take less than five minutes to connect feeds with each bank.

If you don’t change the affected bank feeds by the deadline, your transactions will stop being imported into Xero and you’ll lose the benefits of having a bank connection – such as easy bank reconciliation

Users will be invited to change their feeds in slots

  • From 22nd August and before 5th September
  • From 29th August and before 12th September. 
  • Some users will need to manually import their bank transactions from 14th September.  

Keep an eye out for an email from Xero. They will let you know if and when you can change to the new bank feeds.

Existing bank rules may be affected.  If you have bank rules set up, you’ll need to check they’re working once the new bank feed is connected. This is due to the way the new bank feeds are set up and mapped within Xero.

Visit Xero Central if you need a reminder on how to edit bank rules.

Re-authenticating bank connections every 90 days

As part of the new requirements, you will need to re-authenticate your bank connection every 90 days. Xero will remind you when you need to do this and it’s as simple as re-entering your online banking credentials. While it’s a little more admin, this is a new requirement under Open Banking.

What do I need to do?

Make sure you are registered for online banking and have your online banking credentials handy. You will need them to connect your new bank feeds.

Visit xero.com/uk/open-banking to learn more about Open Banking and the new requirements, plus access our FAQs.

Keep an eye out for an email from Xero. They will let you know if and when you can change to the new bank feeds.

In the meantime, speak to your Xero advisor if you have one, to answer any questions.

Download Xero’s Open Banking Guide

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