Open banking lets you share your bank transaction data securely and electronically with companies including Xero. It was introduced to encourage competition in the banking industry, giving you more choice, as well as greater control of your data and how it’s used.
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Things to know about the new bank feeds
- Connect your bank to Xero through a completely digital process
- Import up to 12 months of historic transaction data
- Securely receive transactions through a direct connection between Xero and your bank. This connection is facilitated by Tink, an FCA authorised service.
- You’ll need to re-authenticate your bank connection every 90 days – this is a new standard required with open banking
- The new bank feeds will be free of charge for businesses using Xero
Open banking resources
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