The new bank feed in Xero
Due to new EU standards on banking, which came into effect in the EU on 14th September 2019, automatic bank feeds in Xero are changing. The Financial Conduct Authority in the UK allowed most UK banks more time (to 14th March 2020) to phase in these new requirements in the UK.
As a result of these changes most existing bank feeds in Xero will be replaced by new bank feeds, however some will not change, some may stop importing altogether and some may change at a later date. Some of you may already have noticed this in Xero, or may have seen your monthly subscription change as a result of the new bank feeds.
If a new bank feed becomes available, and you need to update your Xero you will be notified by a button appearing on your dashboard saying “Update bank connection”. Click on the button and follow the instructions through.
For security reasons, this connection to your bank will have to be renewed every 90 days; Xero will let you know on your dashboard when it’s time to renew the connection.
If your bank is not ready you will see a notification on your dashboard about when your feed will stop importing and giving you further instructions on what to do.
If you have any queries on any of this, please contact me on 01228 534371 or micheller@saint.co.uk
.
Carlisle Office
