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?
If you are connected to a Barclays bank feed, or a UK or EU feed set up using Yodlee, these will no longer be available under the new requirements. You’ll need to change to a new direct bank feed, where one is available, so that transactions can continue to flow into Xero each day. It’s easy to change your feed – this video shows you how.
We’ll let you know when you need to make changes and be here to help – every step of the way.
When are bank feeds changing?
The new feeds will be available for most UK banks and account types by 14 September 2019. However, some banks will be making feeds available at a later date, so some customers won’t have a feed to connect to straight away.
In the interim, these businesses will need to manually import transactions into Xero or wait until a feed is available and backdate transactions. See which bank feeds will be impacted in the resources section below.
Resources for you
Find the right information with our guides, and get answers from Xero experts.
Webinar
Register for our live Open Banking webinar to learn more about these changes.
Affected feeds
See which bank feeds are affected by checking out this list.
FAQs
Our Open Banking FAQs cover the background and next steps in more detailed information.
24/7 support
Have a specific question? 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
- You’ll need to re-authenticate your bank connection every 90 days - this is a new requirement under the changes coming into effect 14 September 2019
- The new bank feeds will be free of charge for businesses using Xero