Open Banking and new Xero bank feeds

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New EU standards, scheduled to take effect from 14 September 2019, will change the way some banks connect to Xero. To comply with the new requirements, many of Xero’s bank feeds will be replaced by new direct feeds using Open Banking.

See available feeds

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.

First new direct bank feeds are now available

Some 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.

More feeds will become available over the coming months so keep an eye on your Xero dashboard to see when you can switch. You may have heard that the UK regulator, the FCA, has provided a six month adjustment period, which means most UK banks can continue to allow customers to use Yodlee feeds from 14 September 2019 to 14 March 2020. 

Not all affected bank feeds will have a replacement - refer to the FAQs 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 from 14 September 2019. 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.

Webinar
Webinar

Register for our live Open Banking webinar or catch up on the essentials.

Bank feed
Affected feeds

See which bank feeds are affected by checking out this list.

Open Banking
FAQs

Our Open Banking FAQs cover the background and next steps in more detailed information.

Support
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

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

 

 

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