Message to all Xero users – open banking means changes to your bank feeds
Open banking will mean many of you need to TAKE ACTION by 14 September to avoid disruption to your bank feeds.
If you’re a Xero user and you don’t take action there’s a serious possibility that your live bank feeds will stop working, and this is definitely the case if you’re a Barclay’s customer.
Why is this?
This is because of the new EU requirements to the banking industry as we move to open banking.
Long term this is a good thing and will mean more information is shared. Short term, there will be some pain and may mean you’re without bank feeds for a short period.
So how could it affect you?
Well, it depends on what type of bank feed you use. There are 2 types of Yodlee 3rd party feeds and direct feeds. If there’s a bank logo, your feed is a direct feed:
If there’s no logo, your feed is a Yodlee feed:
If you use 3rd party Yodlee feeds, which are effectively screen scraping from your online bank these all stop working on 14 September. Meaning you will then either have to upgrade to open banking direct feeds if available or manually import transactions.
If you use direct feeds already, for some banks there is no issue and it will automatically update to the new feeds.
For some banks, Barclays, for example, you will need to update the existing direct feeds to move to Xero’s new open banking platform.
For most banks, this conversion is happening between August & September so action will be required then. Some banks are a bit later to the party so you may need to manually import your bank transactions for a short period.
Find out which banks are affected here: https://bit.ly/2Zq4gME.
See our video above with cloud accounting expert, Stuart Hurst, for more details.