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Open Banking Changes

Open Banking – The new ‘buzzphrase’ for cloud software users

What is it?

It’s a government led initiative to improve competitiveness between banks and give banking customers more choice. It’s backed up by EU legislation.

EU – I’m asleep already – why does this affect me?

It’s all about the changes to direct bank feeds.

If you’ve not taken the steps suggested by your cloud software provider before the deadline date, then you could lose your  direct bank feed.

We say “could” because an added complication is that the changes to the bank feeds will take place at different times. There are 9 high street banks involved in the project, and some of them are more advanced than others.

Why will I lose the bank feed?

In very simple non-techie terms, as part of the introduction of the scheme, all banks are required to switch to the same type of Open Banking software, so that customers will eventually be able to compare banking products more easily.

As a result of this, the current connections between the various banks and the main Cloud software providers will cease to operate.

You will therefore need to switch to the “new” connections to allow the continuation of the feeds. Your “new” feeds will also need to be reactivated every 90 days.

The switch may also affect bank rules on Xero – this has yet to be seen – but it’s something that we’re keeping an eye on and will let you know.

What should I do now?

You can switch to the new feed yourself following the guidance from your own Cloud software.

If you do nothing, then it is likely that on or around 14 September your current bank feed may stop working, but you could still import your banking data using the CSV file.

Following an updated announcement this week, the FCA have granted an extension to the timescales for certain bank feeds up to the middle of March 2020. We’ll let you know when we know more!

But at any stage, if you’re in any doubt whatsoever, you should ring your CAT (Cloud Accounting Team) contact at Dodds – we’re always here to help you through this.

Please click here to go back to other Taxing Times stories…

 

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