Xero users will be affected by the new EU requirements for the banking industry that come in to effect on 14th September, 2019. Designed to give you more control of your banking data and how it’s used. Whilst this is welcomed it means the way that Xero retrieves the information from your bank has to change and you need to update Xero, this will ensure your transactions can continue to flow into Xero each day. We have more information on our website, click here for open banking help.
New Xero feeds are safe, straightforward and free.
The good news is, these new direct bank feeds are secure, easy to set up from inside Xero and are free. Some businesses using Xero won’t have a feed to connect to straight away, as not every account type will be supported immediately and some banks will be making feeds available at a later date. In the interim, if you don’t have a new feed to connect to, you’ll need to manually import transactions into Xero or wait until a feed is available and backdate transactions.
Getting your business ready
The new feeds will be made available in stages, beginning in August. You’ll see a notification on your Xero dashboard. It’s a simple process, there may be changes to any bank rules set up, but there’s more information on that still to come. We have created a handy guide to update on our web page. Get in touch if you’ve got any questions
We appreciate this is an inconvenience but this is an industry wide legislation change we have no control over.