Your Open Banking questions answered

If you have affected bank feeds that need to be changed, we’ll notify the person that manages your Xero subscription by email. There will also be notifications on your Xero dashboard under the bank accounts that are affected by the new requirements.

If you’re required to make a change to your existing bank feed, when you log into Xero, a notification will appear on the dashboard under the bank accounts that are affected by the new requirements. The notification will either let you know that your bank feed needs to be updated or that you’ll need to manually import transactions from 14 September 2019 if a new bank feed is not available.  

If you see a notification to update your bank connection, simply follow the onscreen instructions to change your connection. You’ll need your online banking credentials to connect the new feed.

If a new bank feed is not available, you’ll see a notification to manually import transactions into Xero. Alternatively, you can wait until the bank feed is available and, during the connection process, import historical transactions back to the date that your existing feed disconnected to avoid a gap in transactions. Refer to this list to see the latest status of your bank feed. 

If you don’t see any notification under your bank accounts, your feeds should continue to work as per normal. We will let you know when you need to make a change.

Existing Xero bank feeds with Barclays, as well as all UK and EU bank feeds set up using Yodlee, will be impacted by the new requirements. Refer to this list to see exactly which banks and account types will be impacted. Xero partners and small businesses who are currently connected to these feeds will be notified over the coming months with what action they need to take.

Refer to this list which shows which bank feeds will have a replacement, and which banks will not.

For customers with affected bank feeds, the new feeds will initially be available for most UK banks. If you have existing bank feeds, refer to this list which shows the current status of each bank feed.

Due to uncertainty around Brexit, we don’t yet know whether we will be able to continue to provide new feeds for EU customers outside of the UK. At this stage, non-UK banks based in the European Union, including Ireland, will not have a connection to update to from 14 September 2019. However, we’re working hard to find a solution and will update affected customers as we know more.

As a registered Account Information Service Provider (AISP) in the UK, we’re able to access bank account information from UK banks. Until the outcome of Brexit is known, it’s uncertain whether we can continue to access bank account information from banks based in the European Union (EU), including Ireland.

Current EU Yodlee feeds will become unavailable from 14 September 2019, however we’ll be working to find a solution and will update affected customers as we know more. In the meantime, customers using a Yodlee feed with a bank based in the EU can manually import transactions into Xero to keep their accounts up to date and reconciled.

You’ll be able to connect your bank accounts to Xero before 14 March 2020 for supported banks and account types. 

Check this list to see the latest status of each bank.

Log in to Xero HQ and open the Explorer tab to see which of your clients are affected and what action is required.

You’ll have an overview of how many clients are affected and what to do next. Plus, you’ll have the option to download a .CSV file which includes your clients’ contact details to help you communicate the changes with them. We recommend you download a new .CSV file to make sure you have the most up to date information. Visit Xero Central for more information.

Some bank feeds are now available to update to. Check this list to see the latest status of each bank. If you see your bank has a feed available, log in to Xero and refer to the notification under your affected bank accounts for next steps.

The new bank feeds will be made available in stages, so more feeds will become available over the coming months – keep an eye out on your Xero dashboard to see when you can switch.

We’ll let you know the deadline through the notification you’ll see on your Xero dashboard over the coming months. We recommend you update to the new feeds as soon as they become available.

Currently, Yodlee feeds with a bank based outside of the UK, and in the EU, will stop importing transactions into Xero from 14 September 2019. From this point on, customers can manually import transactions into Xero to keep their accounts up-to-date and reconciled.

If you miss the deadline, your existing bank feed will stop importing transactions into Xero and you will lose the benefits of having a bank connection, such as easy bank reconciliation.

But don’t worry. You can connect bank feeds at a later date – you’ll just need to make sure that you import historical transactions back to the date your bank feed disconnected so there isn’t a gap in transactions. For your convenience, we’ll pre-select this date for you when you connect a new bank feed.

Where new bank feeds are available, they will be free for all applicable banks and bank accounts. For existing direct bank feeds that are compliant under the new requirements, the cost will remain unchanged. Existing direct feeds can be changed to the new direct feeds using Open Banking over the coming months, and we’ll communicate to customers when they’re available.

This depends on the bank and account type in question. The new bank feeds will be made available in stages, based on their availability. If you have more than one bank feed with the same bank, you will be able to change the connections at the same time during the authorisation process, provided the connection for each account type is available. If you have more than one bank feed with different banks, or if you have different bank logins for different account types, you’ll need to change the connections separately.

We’ll notify you by email when more banks become available so you can change your existing connections. There will also be a notification on the dashboard when you log into Xero so keep an eye out.

If your existing bank feed is compliant under the new requirements, you don’t need to change the connection. But, if your existing bank feed is no longer available and you choose not to change the connection, your existing bank feed will stop importing transactions into Xero and you will lose the benefits of having a bank connection, such as easy bank reconciliation.

When you connect a new bank feed or change your existing bank feed connection, as part of the new requirements, your consent will last for 90 days. After 90 days, you’ll need to re-authenticate your bank connection. Xero will remind you when you need to do this – it’s as simple as re-entering your online banking credentials. Whilst it’s a little extra admin, this is a new standard under Open Banking.

You can re-authenticate your bank feed at a later date - you’ll just need to make sure you import historical transactions back to the date your bank feed stopped importing transactions so there isn’t a gap. You can only import 90 days of historical transactions when re-authenticating your bank feed. If you need more historic data you’ll need to manually import transactions into Xero.

Customers using existing Barclays feeds, or bank feeds set up using Yodlee, will need to connect to a new feed, where available, to ensure transactions can continue to flow into Xero. 

It’ll be simple to connect to a new feed from inside Xero. Once logged in to Xero, follow the onscreen instructions under your bank account on the dashboard. You’ll need your online banking credentials to connect the new feed. Once you’ve authorised this new connection, transactions will continue to flow seamlessly into Xero. You can watch this video to see the process.

As part of the new requirements, you’ll also need to re-authenticate your bank connection every 90 days. While it’s a little extra admin, this is a new standard under Open Banking and Xero will be here to support you every step of the way.

If a new bank feed is not available, you will see a notification on your Xero dashboard to manually import transactions into Xero. Alternatively, you can wait until the bank feed is available and, during the connection process, import historical transactions back to the date that your existing feed disconnected to avoid a gap in transactions. 

If you don’t see any notification under your bank accounts, your feeds should continue to work as per usual after 14 September 2019 until a new direct feed is available – or until 14 March 2020 – whichever comes first. We will let you know when you need to make a change.

Refer to this list to see the latest status of your bank feed.

There will be replacement feeds for most Barclays account types, and most UK feeds set up using Yodlee. However, not all banks and account types will have replacement feeds straight away.

We will notify customers on the Xero dashboard with what action they are required to take and by when.

Some customers may not have a feed to connect to. In the interim, businesses without a feed to connect to will need to manually import transactions into Xero or wait until a feed is available and backdate transactions. We will let our customers know on the Xero dashboard when there is a feed available to connect to.

If there is no replacement for your bank feed, you can manually upload transactions into Xero. If this is the case, we will let you know on the Xero dashboard under your affected bank feed.

If you’re setting up completely new bank feeds in Xero, the new direct feeds using Open Banking will be available from mid-August 2019. Refer to the Bank Feeds Status Page to see which bank connections are available. If your bank is not yet available, we recommend that you manually import transactions or backdate them when you connect the new feed.

The process to set up a bank feed is the same – just login to Xero, navigate to Accounting > Bank accounts, add a bank account and follow the steps to connect a bank feed.

The new bank feeds are free of charge, easy to set up and secure. They allow you to choose the start date, so you can import up to 12 months of historical transactions if you need to. We’re working with a new supplier, OpenWrks on the new direct feeds for Open Banking. OpenWrks establishes a connection between your bank and Xero and transactions are transferred through this direct connection, rather than using screen scraping.

Transactions will automatically import into Xero each business day, in the morning and at various times throughout the day. Please note they may import into Xero at a different time than that with which you’re familiar today on your existing feed.

No, you won’t need to manually refresh the new bank feed for your transactions to import. They will automatically import into Xero each business day. You will need to re-authenticate your bank connection every 90 days for security, which requires you to re-enter your online banking credentials. While it’s a little extra admin, this is a new standard under Open Banking.

You’ll be able to move away from existing, compliant feeds in the coming months. To begin with, we’ll be making new feeds available to customers whose feeds will no longer be available under the new requirements. This will enable Xero to provide the appropriate level of support.

Due to the way that the new bank feed is set up and mapped within Xero, you will likely need to review your bank rules to make sure they’re working. If your bank rule uses a condition of ‘Reference contains’ then you’ll need to edit the bank rule. A quick fix is to change this to ‘Any text field contains’. If the bank rule already uses a condition of ‘Any text field contains’ then there’s no action required. Visit Xero Central if you need a reminder on how to edit the bank rules.

As the new feeds will be set up and mapped differently within Xero, bank memorisation will likely be affected. This means the suggestions Xero automatically makes during bank reconciliation will need to be re-learnt by Xero for a few weeks. During this time you’ll need to manually match transactions to complete your bank reconciliation. Please also check your bank rules are working, as these are what generate some of the suggested matches.