90 Day Xero Bank Feed Authentication Update
We heard from Xero some time ago that there were changes coming to the requirement for businesses to re-authenticate their Xero Bank Feeds every 90 days. This was a frustrating requirement that we know clients have been struggling with since the advent of Open Banking, but now there is good news!
Amendments needed from the Financial Conduct Authority to allow the process for authenticating your Xero Bank Feed to be updated are now being made, so change is on the way.
What’s happening, and when?
The various banks need to update their internal systems to take account of the change, and, as ever, some will be faster than others!
Once they’ve made their updates, you will only need to reconfirm the link for your Xero Bank Feed every 90 days, rather than needing to re-enter your log-in details. You’ll be able to do this using a new ‘Reconfirm Consent’ button that will appear in Xero.
You’ll be able to see the implementation dates for each bank, once they’ve announced it, in Xero Central. The right hand column shows those banks who have enabled the ‘Reconfirm Xero’s consent option’, or the date when this will be available.
What do I need to do?
Once the new process is live, you will need to re-authenticate your Xero Bank Feed once more, and then in 90 days you’ll see the ‘Reconfirm Consent’ button in Xero instead.
We’d recommend that you keep an eye on the bank listing on a regular basis so you can (finally!) avoid the pain of re-authentication! As ever if you have any questions around the process, you can either contact Xero Support or get in touch and we’ll help if we can.
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