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Changes to Cloud Based Software Bank Feeds

New EU requirements for the banking industry come into effect on 14 September 2019. As a result, the connection between your bank and Cloud Based Software may change. This change affects UK and EU bank feeds. This will also impact all UK and EU bank feeds set up using Yodlee (“free” bank feeds). 

While many of the bank feeds will be replaced by new direct feeds using open banking, some feeds will not change at all and some feeds will be made available at a later date. If you are currently using bank feeds, you will need to change to the new bank feeds where available so that transactions can continue to flow into your Cloud Based Software each day. It should take less than 5 minutes to connect to feeds with each bank. 

What will happen if bank feeds are not changed by the deadline?

The new feeds will be available for most UK banks and account types by 14 September 2019. However, some banks will be making feeds available at a later date, so some customers will not have a bank feed to connect to straight away. If your bank is not ready yet, you will see a notification within your software about when your feed will stop importing transactions. You will need to manually import bank statements until a feed becomes available. Alternatively you can wait until a connection is available and backdate the transactions.

 If you do not change the affected bank feeds by the deadline, your transactions will cease to be imported into your Cloud Based Software and you will lose the benefits of having a bank connection. You can always connect a bank feed at a later date, however, you will need to make sure that you import historical transactions back to the date that your bank feed disconnected. 

What else should I know about the new bank feeds? 

Existing bank rules may be affected – if you have bank rules set up in your Cloud Based Software you will need to check they are still working once the new bank feed is connected. This is due to the way the new bank feeds are set up and mapped. Check the help centre or contact Morris & Co. if you need a reminder on how to set up and edit bank rules. 

Re-Authenticating bank connections every 90 days

As part of the new requirements, you will need to re-authenticate your bank connection every 90 days. Your Cloud Based Software will remind you when you need to do this and it is as simple as re-entering your online banking credentials. While it is a little more administration, this is a new requirement under Open Banking.

What should I do now?

For detailed information regarding your specific bank please re-visit one of the following websites:-

https://central.xero.com/s/article/Bank-feeds-affected-by-Open-Banking

Alternatively 

https://www.openbanking.org.uk./customers/regulated-providers/page/12/

If you do have any concerns feel free to speak to one of the Team here at Morris & Co. They are aware of these changes and can support you through the process. Make sure you are registered for online banking and have your online banking credentials handy. You will need these to connect to your new bank feeds.