EU Standards March 2020: existing bank feeds connected in Xero may be affected

Due to the new EU Standards, enforced from 14 March 2020, there will be changes to the way some banks connect to Xero.

Existing UK bank feeds set up using Yodlee will stop importing bank transactions from this date, under the new requirements.

Many of Xero’s bank feeds will be replaced by new direct feeds using Open Banking.

Some feeds will not change at all and some will be made available at a later date. To find out more information about the status of your bank feeds, follow this link.

If you fall into this category, you will need to manually import bank statements from this date, until a feed becomes available. The other option is to wait until a connection is available and then backdate the transactions.

The UK’s Financial Conduct Authority advised a six month adjustment period, starting in September, providing most UK banks with more time to phase in these new EU requirements.

Until 14 March, banks can continue to allow customers to use Yodlee feeds.

In addition, under the new EU Standards, UK banks must have a gateway or Application Programming Interface – for third parties to connect to.

 

For more information or advice on cloud accounting software and the upcoming changes to Xero, please contact our expert team.