Open Banking and new Xero bank feeds

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New EU standards, due 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.

what is open banking
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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?

Every business will be affected differently, depending on the bank and bank account that you have connected to Xero. You may be required to update your existing bank feed to a new direct feed, so that your transactions continue to flow into Xero each day.

We’ll let you know about any changes you need to make and be here to help – every step of the way.

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