Xero Bank Feeds are Changing

Most bank feeds in Xero (and in other online accounting applications) will be changing in the next few weeks due to new EU banking regulations, known as "Open Banking". The regulations come into effect on 14 September 2019 and by then every feed that isn't already directly with the bank (most are currently via a 3rd party called Yodlee) will have stopped working.

For most Xero users this will simply mean re-setting the feed, but unfortunately some banks won't be ready in time so manual uploading of statement data will become necessary.

Once the feeds are re-set you'll benefit from a more reliable and more up to date feed direct with your bank - our own feed was re-set as part of testing and it now updates the previous day's transactions like clockwork every morning.

If you are a CMM client using Xero our team will be in touch with you shortly to set out how you will be affected and what you'll need to do but we've set out a brief summary below:

• RBS and NatWest current account feeds need to be switched from 22 August to 5 September
• Bank of Scotland and Barclays current account feeds need to be switched from 29 August to 12 September
• Unfortunately the Clydesdale, Co-op and TSB aren't ready yet and so the current feeds will simply stop working on 14 September and manual uploads will be necessary until the new feeds are made available
• Feeds for deposit accounts for most of the above are also not yet ready so will require manual upload after 14 September
• Existing direct feeds, e.g. with Santander and new internet banks such as Tide, will carry on working as normal

Xero have produced a short video setting out the feed re-set process and you can view this by following this link.

As ever, if you have any questions please get in touch with your usual CMM contact.