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Open Banking – Cloud Accounting Changes

    Meeting

    Cloud accounting software has seen many changes recently with Making Tax Digital for VAT, but the latest changes that will affect many businesses concern Open Banking. These changes, that took effect 14th September, will affect the way banks connect to cloud accounting software.

    What is Open Banking?

    Open Banking allows you to safely and securely share you bank account information with cloud accounting software, with the intention of giving you more choice and control of your information. This has many benefits, for example, you would no longer need to send us your bank statements.

    If you want to find out more about the use of cloud software please let us know.

    How will Open Banking change?

    To accommodate the new EU standards that have taken effect, many bank feeds have been replaced by Open Banking feeds. Bank feeds are the connections that allow banking information to be automatically pulled through to cloud accounting software. By changing the feeds, many businesses have been disconnected from their previous feed and must now connect to new ones.

    What to do now

    It is important to be aware that some banks that have previously been connected may now be disconnected and not pulling through onto accounting software automatically. While some banks have adapted and are now ready to connect, not all of them have. Those that have a date set for their new feeds to be made available will need to be manually updated from now until then, when you can update to the new feed. Below we have compiled a list of the main banks and their current position regarding Open Banking. Xero have provided a full list of the bank feeds affected by Open Banking.

    Banks’ positions regarding Open Banking

    BANKNEW FEEDWHAT TO DO
    Bank of ScotlandNew feed estimated January 2020. Manually import statements until updated to new feed.
    BarclaysNew feed estimated November 2019 and February 2020 (depending on account type). Manually import statements until updated to new feed.
    ClydesdaleNew feed estimated January 2020. Manually import statements until updated to new feed.
    Halifax New feed estimated January 2020. Manually import statements until updated to new feed.
    HSBCNew feed estimated March 2020. Manually import statements until updated to new feed.

    For some accounts no action is required as existing feed remains

    Lloyds BankNew feed estimated January 2020. Manually import statements until updated to new feed.
    Nationwide Building SocietyNew feed estimated November 2019. For personal current accounts the feed must be updated before 3rd October 2019.

    Manually import statements until updated to new feed

    NatwestNew feed estimated September 2019.

    For personal and business current accounts the feed must be updated before 3rd October 2019.

    		Manually import statements until updated to new feed.

    For some accounts no action is required as existing feed remains.

    RBSNew feed estimated September 2019.

    For some accounts the feed must be updated before 1st October 2019.

    		Manually import statements until updated to new feed.

    For business current accounts no action is required as existing feed remains.

    Santander (UK)New feed estimated January 2020. Manually import statements until updated to new feed.

    For some accounts no action is required as existing feed remains.

    TSBNew feed estimated November 2019. Manually import statements until updated to new feed.

    While these changes may be confusing, we are more than happy to help answer any questions you may have regarding cloud software, Open Banking or how the changes impact your business. Please feel free to get in touch.