30 July 2019
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New European banking industry standards come into place on 14th September. As a result the connection between your bank and Xero may change.
While many bank feeds will be different under the new EU requirements, some are likely to stay the same and others will change at a later date.
To help navigate this potentially confusing situation we’ve pulled together an easy to digest table that breaks everything down on a bank by bank basis.
| Financial Institution | Direct Feed Action | Date | Yodlee Action | Date |
|---|---|---|---|---|
| American Express | Manually import statements from 14 Sept | Unknown at this time | ||
| Bank of Scotland | Update to new feed when available | Estimated August | ||
| Barclaycard | Manually import statements from 14 Sept until new feed is available | Estimated September | ||
| Barclays | Update to new feed when available | Estimated August | ||
| Capital on Tap | No action required | No need, existing feed remains | ||
| Coutts | No action required | No need, existing feed remains | ||
| Halifax | Update to new feed when available | Estimated August | ||
| HSBC Business | No action required | No need, existing feed remains | Update to new feed when available | Estimated August |
| HSBC Credit Card | Manually import statements from 14 Sept | Unknown at this time | ||
| Lloyds | Update to new feed when available | Estimated August | ||
| Metro Bank | No action required | No need, existing feed remains | Manually import statements from 14 Sept | Unknown at this time |
| Natwest | No action required | No need, existing feed remains | Update to new feed when available | Estimated August |
| Natwest Credit Card | Manually import statements from 14 Sept | Unknown at this time | ||
| Revolut | No action required | No need, existing feed remains | ||
| Royal Bank of Scotland | No action required | No need, existing feed remains | Update to new feed when available | Estimated August |
| Santander | No action required | No need, existing feed remains | Update to new feed when available | Estimated August |
| Silicon Valley Bank | No action required | No need, existing feed remains | ||
| Soldo | No action required | No need, existing feed remains | ||
| Starling Bank | No action required | No need, existing feed remains | ||
| Tide | No action required | No need, existing feed remains |
Please note that the above table shows the business current accounts that will be impacted. To view all affected bank feeds please refer to the list provided by Xero.
If you’re unsure which bank feed you currently have setup within your Xero account – fear not. We’ve put together a quick video tutorial showing the steps you need to follow to find this information:
At FD Works our team of accountants, business advisors and Xero specialists take a different approach to finance. From the clients we work with to the technology we us, our experts will empower you to make bold decisions, Our team work in Bristol and Bath, but work with clients throughout the UK.
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