We’re taking another step towards a more reliable bank feed experience – by migrating all RBS/NatWest business accounts to direct feeds.
We launched our first direct bank feed in the UK with HSBC in 2009. None of the other UK banks were ready for direct feeds at this point, so this was a significant step forward for customers using HSBC accounts – having a direct feed into Xero brings a whole raft of efficiencies, so we’ve always planned to bring more direct feeds into the mix when it became possible to do so.
In 2010, Xero was the first online accounting provider to implement third-party Yodlee feeds for customers using other UK banks. So we’ve always been at the cutting edge of linking our customers’ accounting software with their business accounts. And now, with RBS and Natwest we’ve gone a step further.
Why are we changing to direct feeds?
In 2014, the good news is the UK banks are beginning to get their own data services up and running. And from a reliability and friction perspective, direct feeds are becoming more competitive with Yodlee feeds. So we’re very keen, as always, to bring you the most efficient bank feeds we can.
While the RBS/NatWest Yodlee feeds are among the most reliable, we’re confident we’ll see even more reliability with a direct feed and that has to be welcomed. Yodlee is still a great solution so we won’t be switching off Yodlee feeds for any RBS/NatWest account types that can’t be catered for by direct feeds.
How do I know if my account is a business current account?
The change applies only to RBS/NatWest business accounts, not to personal accounts. If you need to check which type of account you’re currently using, just speak to your bank and they’ll be able to confirm the type.
Is there a charge?
While the direct feeds do incur a charge per account (as they have done with HSBC since 2009), the cost is marginal compared with the benefit of reliable daily feeds. In time, and as more banks come on stream, we expect the forces of competition to drive down the cost. And Silicon Valley Bank direct feeds, that are coming online next month, are in fact free. So, that’s already starting to happen.
When will the change to direct feeds begin?
The change will start from today. Yodlee feeds will remain active for a while, but the sooner you move your business accounts to the new feed platform the better.
- To make the transition as smooth as possible, Xero is absorbing the cost of all Yodlee to direct converted feeds until August 2015. So you won’t pay anything for the first year if you’re already using RBS/NatWest Yodlee feeds.
- You can stay on the free feed until 1 August 2015 – but as the feed is being offered free to anyone with an existing feed, there’s no cost benefit to staying on the Yodlee feed.
- From today, all new accounts on direct feeds will pay £3.50 for each account.
Where can I find out more information?
You can also contact our UK bank feeds team on email@example.com if you have a specific query about the change.
We’re looking forward to moving to direct feeds and bringing you the most reliable bank feed experience we possibly can.