Some bank feeds on Xero will stop working!
By: Michelle Steeg
Wait what?! We know – you have no sooner got Xero just where you want it, and this comes along! Before you start panicking, just breathe! Everything will be ok, and most feeds will be fixed automatically.
Due to new EU regulations related to the banking industry, some bank feeds will stop working between August and September. This change is designed to improve information security and transparency. Basically, the feeds set up through a third party (e.g. Yodlee) will be stopped and a feed will need to be set up directly with a bank.
In the UK, Open Banking will be used to solve this change. The date the new regulations come into place is 14 September 2019. Xero has partnered up with OpenWrks (which is authorised by the Financial Conduct Authority) to gain access to Open Banking.
Not all banks will be affected, only those that don’t comply with the specifications of the new regulation will need to make these changes.
Xero will be making many of these changes automatically, though some of them will need to be changed manually. This all depends on the date that your bank makes the new feed available. Xero will make this information available to you closer to the time.
What you need to look out for:
Xero will be notifying all clients on when to change the bank feed.
When the new feed is available, all you need to do is update your bank connection with your bank’s login details.
In the event that your bank is not ready by the time the bank feed is disconnected, you can import your transactions manually. Please contact us if you need assistance to do this! Or if you don’t have many transactions, you can wait until the feed is ready and then backdate the starting date of the new feed. The new Opening Banking requirements include renewing your bank connection every 90 days.
The new bank feeds will still be secure and neither Xero, Open Banking nor OpenWrks will have access to your bank login details, nor will any party be able to change, pay or transfer any of your hard-earned money.
If you have any questions about these changes we would be delighted to answer them, just let us know :)