New bank feeds now live on Xero

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Xero customers using direct Barclays or Yodlee feeds need to update their settings by February 10, 2020.

Customers must switch to the new Barclays and Barclaycard direct bank feeds to ensure transactions continue.

Direct Barclays and Yodlee feeds will no longer import transactions into Xero after February 10, 2020.

The industry-wide change comes thanks to the introduction of Open Banking regulations, which means third party bank feed providers will not work.

Open Banking allows you to share data and financial information without sharing login details or passwords, it also promises to offer improved reliability.

“It’s really easy to switch your banking feed,” said Anna Rowson-Smith, software specialist at Ellis & Co.

“After logging into your Xero account you will see prompts on your dashboard under the accounts you need to change.

“Xero will guide you through the rest which includes logging in and re-authorising the bank feeds to your bank.”

Open Banking affects all accountancy software providers, including Sage, FreeAgent and QuickBooks.

Further information on how your accountancy software provider is making the changes can be found on the links below:

FreeAgent

QuickBooks

Sage