What is Open Banking?
Open Banking means you can choose to share your bank account information securely and electronically with companies like Xero. It was designed to encourage competition in the banking industry, giving you more choice, as well as greater control of your data and how it’s used.
What does it mean for me?
Under the new requirements, existing Xero bank feeds with Barclays, and UK or EU feeds set up using Yodlee, will no longer be available. Most of these feeds are being replaced by new direct feeds using Open Banking, so if you are connected to these feeds you’ll need to update to a new direct feed where one is available.
While the new requirements came into effect on 14 September 2019, a six month adjustment period was provided by the UK regulator, the FCA, which means most UK banks can continue to allow customers to use Yodlee feeds up until 14 March 2020.
As new direct feeds become available, we’ll let affected customers know so they can switch. It’s easy to change your feed – this video shows you how.
Re-authenticate a new direct feed
New direct banks feeds now available
Most of the new bank feeds are now available for you to update to. Take a look at this list to see the latest status of each bank. If the bank you use has an available feed, log in to Xero and refer to the notification under your affected bank accounts for next steps. If your feed is not yet available, keep an eye on your Xero dashboard to see when you can switch.
Not all affected bank feeds will have a replacement – refer to the bank feeds list to see which banks the new feeds will be available for. If your bank feed doesn’t have a replacement, you will need to manually import transactions into Xero. We’ll let those customers know via a notification on their Xero dashboard.
Resources for you
Find the right information with our guides, and get answers from Xero experts.
See which bank feeds are affected by checking out this list.
Our Open Banking FAQs cover the background and next steps in more detailed information.
Have a specific question or need to raise something with us? Get in touch with our support team at Xero Central.
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 OpenWrks, an FCA authorised service. Learn more about OpenWrks
- 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