Great news from Xero to say their Xero Bank Feed 90 Day Re-Consent Process Now Live. This means no more having to re connect to online banking every 90 days and you or your advisor can just confirm you want the connection to remain!
In short, this is great news and will save a bit of time every 90 days and stop advisors having to chase clients to reconnect.
Please don’t hesitate to contact us with any queries.
Below text is from a Xero emailed update.
We are pleased to let you know that there is a new, simplified process for UK bank feeds within Xero. Rather than having to re-authenticate with your clients’ bank every 90 days, all you need to do now is re-confirm consent within Xero.
Going forward, you will only need to re-confirm consent for bank feeds to continue every 90 days – by clicking on a ‘renew connection’ button in Xero. This means you will no longer need your clients to log-in to their bank accounts to re-authenticate their bank feeds: and provided you’ve got their permission to do so, you can now re-confirm consent on their behalf.
Is this available for all bank accounts linked to Xero?
No. While almost all banks have made the change on their side, a couple have not yet announced their implementation dates. We are regularly updating the list of UK banks that have implemented the changes here on Xero Central.
What happens if the connection isn’t re-confirmed after 90 days?
If the connection isn’t re-confirmed after 90 days, then no additional transactions will be fed from the bank into Xero from the date of consent expiry.
What happens if you add a new bank feed?
If you add a new bank feed for a UK bank which is live with the new process, then you will need to authenticate for the first time, and re-confirm the connection every 90 days.
What happens if you want to stop your bank feed?
You are able to stop your bank feed within the Xero app, without having to login to your online banking. Here is a Xero Central article which explains how to do this.
Who can re-confirm your consent?
If access to the account information has been delegated to a third party such as yourself as an accountant or bookkeeper, then you re-confirm consent if you are authorised to do so on your client’s behalf. This means that anyone with the Standard or Adviser user role who has access to your Xero organisation will be able to re-confirm consent on a client’s behalf.
We hope that this makes things easier for you. If you have any questions, please contact our Xero Support team here.
The Xero Team.