New EU industry-wide standards due to take effect from 14 September 2019 will change the way that some banks connect to Xero. The Open Banking Regulations have been introduced to enable you to choose to share your bank account information securely and electronically with many different companies, particularly fintech service providers. It was designed to encourage competition and innovation in the bank sector and to give you more control over your data and how it is used. The connection between Xero and your bank account falls into its remit.
You can view the guide from Xero here.
If your Xero is connected to a Barclays or Yodlee feed then these will no longer be available due to the new requirements. You will need to change to the new bank feeds, where available, which takes less than 5 minutes. Some accounts will not have a bank feed available yet, so statements will need to be imported manually, at least in the short term.
When it is time to take action to make the necessary changes you will see a notification on your Xero dashboard. Usually this will be from either 22 or 29 August, depending on which account you have.
In addition to this bank rules may be affected as the mapping into Xero will change for some banks.
The new bank feeds will need to be re-authenticated every 90 days in accordance with the Open Banking requirements.
Click here to see the full list of which bank feeds are affected.
Bromhead clients will be contacted individually if any of their bank feeds need to be updated.