You may have seen the news that new EU standards are due to take effect from 14 September 2019, giving people more control of their banking data and how it's used.
The way some banks connect to Xero will change, so we just want to make sure you're up to speed on how it may impact you as a Xero software client.
A quick review of what Open Banking is?
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 is Xero doing?
To comply with the new requirements, many of Xero's bank feeds will be updated over the coming weeks. These will align with industry-wide Open Banking standards to ensure bank transactions can continue to flow into Xero each day. The new bank feeds will be free for all banks and bank accounts.
What does it mean for you?
Every business will be affected differently, depending on the bank and bank account that you have connected to Xero. You may be required to update your existing bank feed to a new direct feed, so that your transactions continue to flow into Xero each day.
What do I need to do next?
There's nothing you need to do right now – but we will keep you updated with any guidance on if, when and how you can change to the new bank feeds.
As the changes won't take affect for a couple of months, we would recommend you visit Xero's resource centre to learn more about the new requirements and how they will benefit you.
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