We provide a summary of what you need to know about bank feed renewals.

In recent weeks and months, you may have been asked to reconnect your bank feed with Xero more regularly than you have before.

The Background

The UK has created Open Banking as a regulatory response to the new EU banking industry standards. The purpose behind this was to give you more control over your financial data as well as encourage more competition within the industry.

Changes to the EU standards meant the way some customers connected their banks to Xero had changed. Many of Xero’s affected bank feeds have now been replaced by the new direct bank feeds.

This however has needed to be adjusted, and for enhanced security, the automatic bank feeds will need to be renewed every 90 days.

What is the problem

When a bank feed stops importing transactions they will get missed when doing the bookkeeping which will result in inaccurate accounts.

If the bank feed connection is lost then a statement will need to be downloaded from your bank account as a .csv file and uploaded to Xero to reconcile the missing transactions.

What is the solution?

As your individual bank feed comes closer to the renewal you will have a message appear to reconnect the bank feed under the relevant bank account on Xero, this is a straightforward process to complete. At Co- we are also regularly monitoring the bank feeds across all clients and our aim is to contact you before the bank feed expires.

If you have any questions please feel free to contact me: jonathan@co-accounting.co.uk