There are some new changes for direct bank feeds in Xero
Have you logged on to your Xero recently to be greeted with a big red message on your dashboard saying your direct bank feed will stop importing transactions?
Under new regulations some direct bank feeds are changing the way they work.
What is happening with Xero bank feeds?
Some of Xero’s bank feed connections will change to comply with new requirements.
Xero’s existing bank feeds with Barclays, as well as all UK and EU bank feeds set up using Yodlee, will no longer be available. These will be replaced with new direct bank feeds using Open Banking.
If you don’t change the affected bank feeds by the deadline, your transactions will stop being imported in to Xero and any missing transactions will need to be manually imported.
If your bank is affected what do you do?
All you need to do is log on to Xero and follow the instructions on the dashboard, you will need your online banking passwords too and any memorable information.
What else should you know?
Existing bank rules may be affected
If you have bank rules set up, you’ll need to check they’re working once the new bank feed is connected. Visit Xero Central for a refresher on how to check your bank rules.
Re-authenticating bank connections every 90 days
As part of new requirements, you will need to re-authenticate your bank connection every 90 days. Xero will remind you when you need to do this and it’s as simple as re-entering your online banking credentials.
In full-filling our mission, we’ll get to know you and your business and what it is that is important to you. We like to build a close and honest relationship with our clients in which we can inspire, challenge and support you to achieve your goals. We provide the best advice and friendly environment for you to discuss and consider your options.