We wanted to let you know about an important change to your Open Banking feed. From 30 September 2022, you’ll no longer have to contact your bank every 90 days to reauthorise your Open Banking connection. This process is currently managed by your bank, which can make it more complex to do every 90 days.
Earlier this year, many software companies and other industry players approached the Financial Conduct Authority (FCA) in an effort to improve the Open Banking experience, and we're delighted to inform you that improvements are coming that will make life easier for all accountancy software users with a bank feed.
What is changing with Open Banking connections?
UK banks will no longer be managing the customer re-authorisation process. This will be replaced by periodic customer consent, which will be directly provided to the third party used for Open Banking.
When first setting up an Open Banking connection, you'll still need to authorise access with your bank. Once this initial authorisation is complete, we’ll activate the connection and moving forward you’ll be able to reconsent through your accountancy software (e.g. Xero, QuickBooks, FreeAgent, Sage).
You’ll be able to remove your Open Banking connection at any time, but as long as the connection is active, the software will manage the bank feed for you.
If you have any questions or queries regarding this change please contact Anna on Annarowsonemail@example.com.