From 24th September 2019, new EU Standards will change the way that some banks connect to Xero. To comply with the new requirements, many of Xero’s bank feeds will be replaced with new direct feeds using Open Banking.
Open Banking was designed to encourage competition in the banking industry, giving customers greater choice and control of their data and how it is used.
It does mean that, if you are connected to a Barclays bank feed or a feed set up using Yodlee, they will no longer be available under the new requirements, and will need to be changed so your transactions will continue to flow into Xero.
Most UK banks will be making feeds available from 14th September, although some may be doing so later. To find out whether your bank feeds will be affected, please click here, or for more information please download this handy guide from Xero.
At Green & Co our dedicated bookkeeping team are Xero trained and are here to help – every step of the way.
Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.