From 14th September, new EU standards come into effect which will change the way bank accounts connect to accounting applications like Xero.
Open Banking is designed to give individuals and businesses the ability to share bank account information securely and electronically. It also means you have greater control of your data and how it is used.
There will be a transition period until March 2020, so not all bank feeds will update to new “direct feeds” on 14th September. Some new feeds are already available, however, and can be updated in Xero now.
The new feeds are easy to set up in Xero. You will need your online banking credentials (if you are not registered for online banking, now is the time to do it as the new feeds require you to login using your online banking security details).
You can find out how to update your bank feeds here. If you’d like more information about Open Banking and how it affects your Xero account we’re here to help. Give us a call or drop us an email at email@example.com