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Xero Bank Feeds Are Changing - Top Things You Need to Know

Xero Bank Feeds Are Changing - Top Things You Need to Know

By Emily Win

Xero Bank Feeds: What is Changing?

New EU Standards scheduled to take effect on 14 September 2019 will give you more control of your banking data and how it's used.

It also means the way some banks connect to Xero will change, so we want to make sure you're up to speed on how it'll impact you.

For more information directly from Xero - including an Open Banking guide for small businesses, live webinars and FAQs - vist Xero.

What do I need to do next?

If you have a Direct bank feed into Xero with any bank (apart from Barclays):

  • No immediate action required as the existing feed already meets the Open Banking feed requirements
  • Existing direct feeds can be changed to the new direct feeds using Open Banking over the coming months, and Xero will advise when they are available.

If you have a Direct bank feeds with Barclays or any Yodlee feed with any bank the change is over 3 phases:

  1. During August
    • Certain feeds will be replaced by the new Open Banking direct feeds
    • You will need to change to the new direct feeds when they become available
  2. During September
    • Certain feeds will be replaced by the new Open Banking direct feeds
    • From 14 September (if the new feed isn’t in Xero) you will need to manually import bank statements to ensure your bank transactions are in Xero each day
  3. New Feed Date Unknown
    • Xero have not been informed by the bank when the new feeds will be available
    • Any current feed into Xero will stop from 14 September 2019
    • From 14 September (if the new feed isn’t in Xero) you will need to manually import bank statements to ensure your bank transactions are in Xero each day

For the latest information provided by Xero for each bank and bank account type take a look here.

How do I switch to the new feed and when will I need to switch?

When you log into Xero, a notification will appear on the dashboard under the bank accounts that are affected by the new requirements. If you see this notification, simply follow the onscreen instructions to change your connection. You’ll need your online banking credentials to connect the new feed.

How do I manually import bank statements to Xero?

This link from Xero will take you through the key steps and your friendly de Jong & Phillips team are always available to assist.

How can we help you through this transition?

Please contact us if you would like us to assist you through this process or have any additional questions.  For those that are going to need to import bank statements we can assist in you setting up this process or even perform this process for you.

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