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Existing bank feeds connected in Xero may be subject to new EU requirements.

These requirements will come into effect from 14/09/19 and may affect the connection between your bank and Xero. This is good news as the new bank feeds are secure, easy to set up and free.

In early August, the UK’s Financial Conduct Authority advised a six month adjustment period, which gives most UK banks more time to phase in these new EU requirements. This allows banks to continue to allow customers to use Yodlee feeds from 14 September 2019 to 14 March 2020.

While many of Xero’s bank feeds will be replaced by new direct feeds using Open Banking now, some feeds will not change at all and some feeds will be made available at a later date.

Some customers may need to wait until a feed becomes available. Alternatively, you can wait until a connection is available and backdate transactions.

Check this table to see the status of your bank feed: https://central.xero.com/s/article/Bank-feeds-affected-by-Open-Banking

 

Connecting Your Bank Account in Xero

To make this possible Xero is registered with the FCA allowing Xero, with your permission, to connect to your bank account so Xero can to import transactions.

Rest assured Xero cannot access or move your money and are committed to the security of your data. Xero have been working with bank feeds since 2010 and are experts in this field in terms of data security.

1. Log into Xero and refer to the notification on your dashboard.

2. Click update bank connection and give permission for Xero to access your bank account.

3. You’ll be redirected to your online banking app. Just enter your bank login details and choose what accounts you want to connect to Xero.

4. You’ll then be redirected back to Xero to complete the new setup of your bank feed.

5. Match your bank account to the Xero account you’d like to import transactions into.

6. Finally, you can choose the date you’d like your back feed to import transactions from.

7. If you need to, or if your bank feed is not yet set up for your particular bank you can import historical transactions up to 12 months.

8. You’ll see a notification on the dashboard once your feed is connected. That’s it! You’re all done and your transactions will import into Xero as normal

You’ll need to re-authenticate your bank connection every 90 days but Xero will notify you in the dashboard.

If you’d like to implement Xero in your business, Insight Finance Solutions are Xero bronze partners. We live and breathe Xero and would love the opportunity to demo its power to help your business finances be stress free.

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