RBS and NatWest Direct Feeds – An Update

single-ledger-EDM-1Two days ago we announced that customers with business current accounts with RBS or NatWest would be migrated to direct feeds, and that although this would be free for twelve months for people with existing Yodlee feeds, that ultimately there would be a £3.50 per month charge per RBS or NatWest business current account.

We believe that direct feeds provide better reliability, and that having a direct relationship with RBS and NatWest will give customers more assurance that the feed will continue to be available long-term. However we have been listening and we have taken on board the feedback and agree that you should have the choice between the feeds provided by Yodlee, and the premium feeds that are available directly from RBS and NatWest.

If you are happy to continue with the Yodlee feeds for your RBS or NatWest business current accounts, you do not need to do a thing, your feeds will continue as normal. If, however you would like to switch to the additional assurance of a premium feed, please review the instructions for NatWest and Royal Bank of Scotland in our Help Centre to begin the process of putting the more reliable feeds in place.

Whether you’re a new customer or a customer who already has a feed, we will offer the two alternatives in parallel so that you can make your own decision as to which feed you would like to use. With the direct RBS and NatWest feeds, your statement transactions come direct to us from the Bank, authorised by your signed authority placed with the Bank. There is no third party involved, and you do not need to provide your RBS / NatWest online banking security credentials to set up the feed.

Thank you for all your feedback over the last few days. It is essential that Xero provides customers with the best service possible and although we believe that feeds provided directly by the bank are more reliable and that there is a great deal of value in that, we accept that for some, cost is a consideration so we are pleased to give our customers the choice of source for the data feeds. We really do appreciate all your comments and thoughts. Your passion has made all the difference.


John Milton
August 14, 2014 at 1:15 am

Could you expand on what is meant by ‘premium’ feed?

I understand they are routed directly rather than via Yodlee. Our experience with the latter is that they update roughly once per day around mid-morning (UK time). So we are in the habit of doing a manual ‘refresh’ before working on the bank account.

Are the Bank suggesting that they’ll actually provide a real, continuous, feed or is it still a ‘polling’ arrangement, and if so on what timetable?

Would be really great to have a reliable feed, something we’d be happy to pay for.

If you could tackle Lloyds next that would be super-helpful :-) Those always have to be manually refreshed and never update of their own accord via Yodlee…

Matt Vickers
August 14, 2014 at 1:20 am

Hi @John, the premium direct feed from RBS and NatWest will give you the previous day’s transaction data shortly after midnight every Monday to Friday UK time, ready for you to reconcile first thing in the morning. Because it’s direct from the bank, there’s a much lower risk of duplicates or missing data.

John Milton
August 14, 2014 at 1:34 am

Thanks Matt – can the premium feed still be refreshed on demand?

Matt Vickers
August 14, 2014 at 1:41 am

Hi @John – no, in this case the data arrives automatically after the day’s last interbank settlement with all cleared transactions for that day. We’ll certainly be talking to all banks about the possibility of moving all feeds to real time in future, including a refresh-on-demand function.

Penny Rowden
August 14, 2014 at 1:57 am

Many thanks. Really appreciate having the option to offer to our clients. Definitely the right way forward!

Chris Hooper
August 14, 2014 at 4:44 am

Fantastic news – thank you for listening to our feedback and responding so quickly!

John Lees
August 14, 2014 at 6:29 am

Well I asked for a radical re-think on this and you delivered – I’m impressed and thank you for accepting our points of view – my faith is restored. For the future, you need to offer credit card feeds. I’ll be interested to see how the premium pricing comes down as 1/8/2015 approaches.As other posters have said, give us some info which we can use to bring pressure on Natwest.

Mick West
August 14, 2014 at 7:36 am

Well done Xero! A company that actually listens to it’s customers.

Tony Coyle
August 14, 2014 at 12:37 pm

Well done that company. Taringa’s not painted on after all.

Alex cumbers
August 14, 2014 at 12:51 pm

Thanks for listening :-)

Chris Kemp
August 15, 2014 at 1:17 am

Fantastic news and great to have the choice, will you be apply the same choice to the HSBC Direct Feeds ?

Nigel Titley
August 15, 2014 at 2:28 am

We have been perfectly happy with the existing Natwest feed, no dropped or duplicated transactions and the facilty to refresh as needed. In addition we have currency accounts that aren’t covered by the direct feed arrangements. So we were looking at £3.50 per account per month for reduced functionality. We set up a dedicated, read-only Bankline account for Xero so there isn’t really an authority issue. Glad that Xero is, for once, listening to its customers.

Simon Saunders
August 15, 2014 at 3:03 am

I don;t get it. The comments have highlighted that both options give a daily update. Apart from a vague ‘more reliable’ statement, I don’t see any well-explained reason why we’d want to pay more.

Sarah Verge
August 15, 2014 at 4:25 am

That’s terrific news and it’s impressive that you acted on customer feedback so swiftly. I’d pay £3.50 a month if that covered every account I have with RBS, but not £3.50 for each of them. I’d also miss being able to refresh the bank feed on demand, which is possible with Yodlee and not, it seems, with the direct feed.

Toni Bovis
August 19, 2014 at 3:02 am

I have a new small business and am new to bank feeds. I bank with NatWest. I am paying them £11 per month to use their Bankline to obtain my automatic bank feed so would rather not pay another £3.50. Do others who bank with NatWest pay this fee?

February 2, 2015 at 2:03 am

I had an extremely unpleasant experience thinking that my online banking had been hacked having signed up to the previous feed system via yodlee. Regardless of the reassurances I received this was/still is a very grey area as neither your bank nor yodlee/ xero will take any responsibility once you have disclosed passwords to enable bank feeds.
I cancelled all feeds immediately.
Now that this option is available without any disclosure of passwords etc I will reinstate once I have had confirmation from Nat West that this is officially sanctioned rather than the “solution-to-a-problem” which is the yodlee feed system which despite the banks and xero “allowing” leaves one exposed.
I hope this will be a step forward to getting xero working properly and reinstating my faith in the package.
Does the account have to be a business account or can it be a savings one?

Matt Vickers in reply to Withheld
February 2, 2015 at 9:59 am

Hi @Withheld, at present it is just current (day-to-day) business transactional accounts that are supported via premium feeds. We continue to talk with RBS about the introduction of more feed types. Often within banks different account types are supported by different IT systems, so it can sometimes be complicated to provide support for different account types.

February 7, 2015 at 4:17 am

How do we set up Natwest feeds through Yodlee – does this option still exist?

Matt Vickers
February 9, 2015 at 11:58 am

Hi @Mark193, Yodlee feeds are still available for Natwest as Natwest Bank (UK), which covers personal online banking, and Natwest Bank (UK) – Business Bankline, which is for their Business Bankline product. If you would prefer a direct feed, that’s available as Natwest (UK) – Direct Business feed.

April 16, 2015 at 5:29 am

Are non Sterling currency accounts, EG EUR, CHF and USD included in the Partner Feeds with Natwest and RBS? ( assuming they are business bank accounts of course )

Paul M
October 22, 2015 at 7:26 am

We had an issue with a spam e-mail and Nat West have breached there security by providing out bank details for the Yoddle feed ??? They have suspended permanently my wife’s login for having her details via Xero from a guy in the fraud dept???
Is this true or just a ruse to get more money??? The guy said we have breached banking codes by using Yoddle feeds via our online banking.
Any ideas how to approach bank???

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