Xero Update – Bank Feeds Affected by Open Banking

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:

Want to discuss these changes with a Xero expert?

Contact our experienced team today.

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