New EU standards take effect from 14 September 2019, giving people more control of their banking data and how it's used.
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's been designed to encourage competition within 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 these new requirements many of Xero's bank feeds will be updated to align themselves with industry-wide Open Banking standards to ensure bank transactions can continue to flow into Xero each day. The new feeds will be free for all banks and bank accounts.
What does this mean for you?
While the new requirements came into effect on 14 September 2019, the FCA is allowing for a six month adjustment period which means most UK banks can continue to allow customers to use Yodlee feeds up until 14 March 2020.
Every business will be affected differently, but it will depend on the bank and bank account that you have connected to Xero with. You may need to update your existing bank feed to a new direct feed so that your transactions continue to flow effortlessly into Xero each day. As new direct feeds become available over the coming months, Xero will let affected customers know so they can switch.
What do I need to do next?
As the changes are now starting to take effect, we recommend you visit Xero's resource centre to learn more about the new requirements. You can also see regular updates on which banks are now offering the feeds.
Did you know, we help our Xero clients to help prepare VAT returns and bookkeeping so the process of sharing paperwork between us, couldn't be simpler, anytime, anywhere and on any device!