The old HSBC bank Business Internet Banking feed ceased working on 30 July and if you have not already done so, you will need to update your bank connection to the new industry standard open banking connection. There will be a message on your Xero dashboard warning if your feed needs to be updated.
The open banking feed will work in much the same way as the old one with two main differences:
There will no longer be a charge from HSBC for the bank feed
As a data protection requirement the connection will need to be authorised every 90 days
Setting up the new bank feed is straightforward but involves logging into your online banking to authorise the connection so you will need to:
Click the update bank connection button on your Xero dashboard and you’ll see the screen below. Click Agree and log in to bank and you’ll be asked to log in to your online banking account to authorise the connection of the required bank accounts i.e. the business current account.
As there is no charge for the new bank feed, you may want to take this opportunity to connect savings and deposit accounts or accounts with relatively few transactions. To change a bank account in Xero to include a bank feed go to the Accounting tab in Xero – select bank accounts and find your bank account from the list. Click on the Edit Account Details link:As there is no charge for the new bank feed, you may want to take this opportunity to connect savings and deposit accounts or accounts with relatively few transactions. To change a bank account in Xero to include a bank feed go to the Accounting tab in Xero – select bank accounts and find your bank account from the list. Click on the Edit Account Details link:
Enter your bank name to choose from the dropdown list and if a bank feed is available it will show as below:
On the Xero dashboard screen you should now have a Get Bank Feeds button available for the account. Click on this and you will be taken to the bank connection screen to finalise the connection.
For further information about our Xero user services please get in touch with our Cloud Accounting team on 0808 144 5575 or email help@armstrongwatson.co.uk
