Open Banking and new Xero bank feeds

New EU standards, which came into effect on 14 September 2019, have changed the way some banks connect to Xero. To comply with the new requirements, many of Xero’s bank feeds are being replaced by new direct feeds using Open Banking.

Open Banking means you can choose to share your bank account information securely and electronically with companies like Xero. It was designed to encourage competition in the banking industry, giving you more choice, as well as greater control of your data and how it’s used.

What does it mean for me?

Under the new requirements, existing Xero bank feeds with Barclays, and UK or EU feeds set up using Yodlee, will no longer be available. Most of these feeds are being replaced by new direct feeds using Open Banking, so if you are connected to these feeds you’ll need to update to a new direct feed where one is available.

Channel Island Specific Issues

As many of you are aware these changes are creating some issues for us. We have had issues setting up new feeds and also some issues with new feeds we have managed to set up. Herewith follows an update from us on the current status of issues that we are trying to get resolved.

HSBC – feed is currently working however if you have got a direct feed please be aware of duplicated transactions (especially if paying in cheques).

Barclays – feed is currently working (must select Barclays Corporate account) however please be aware that we have noticed duplicated transactions for items paid for using the debit card/online purchases.

Lloyds – currently no direct feed available, this is likely because we are in Guernsey. If you had a feed previously it was a yodlee feed which has stopped now. We have raised this with both the bank and Xero and they are aware of the problem. They have assured us they are looking into this, but timeframe is unknown.

NatWest – currently no direct feed available to set up for new accounts, this is likely because we are in Guernsey. We have raised this with both the bank and Xero and they are aware of the problem. They have assured us they are looking into this. If you had a direct feed set up already – this is still working, but we may see issues arise when we need to re-authenticate the connection every 90 days ( this is a new standard required with Open Banking).

If you need to manually import a statement here is a link on how to do this, if you need help with this, please talk to one of the team.

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