2 August 2019
If you’re not prepared, this could cause a major problem for your business as of 14 September 2019.
If you are a Xero user and you don’t take action there is a serious possibility that your live bank feeds will stop working, and this is definitely the case if you’re a Barclays customer.
Why is this?
This is because of the new EU requirements to the banking industry as we move to open banking.
Long term this is a good thing and will mean more information is shared. Short term, there will be some pain and it may mean you’re without bank feeds for a short period.
So how could it affect you?
Well it depends on what type of bank feed you use. There are two types: Yodlee third-party feeds and direct feeds. If there is a bank logo, your feed is a direct feed:
If there is no logo, your feed is a Yodlee feed:
If you use third-party Yodlee feeds, which are effectively screen scraping from your online bank, these will all stop working on 14 September. Meaning you will then either have to upgrade to open banking direct feeds if available or manually import transactions.
If you use direct feeds already, for some banks there is no issue and it will automatically update to the new feeds.
For some banks, Barclays for example, you will need to update the existing direct feeds to move to Xero’s new open banking platform.
For most banks, this conversion is happening between August & September so action will be required then. Some banks are a bit late to the party so you may need to manually import your bank transactions for a short period.
Find out which banks are affected here: https://bit.ly/2Zq4gME. If you are a UHY Manchester client, I’ll be in touch over the coming month to help make sure the disruption is minimal, so you’re in safe hands.
A video containing this information can be found at https://bit.ly/2T3MCfD
For more information please contact Stuart Hurst on either 0161 2366936 or via email at s.hurst@uhy-uk.com
Alternatively, fill out our contact form here.
