|We wanted to update you on changes to the 90-day reauthentication|
rule for bank feeds.
Xero bank feeds streamline reconciliation and offer better visibility of cash flow. However, we know how frustrating it’s been to have to re-authenticate your bank feeds every 90 days. So last year, alongside others, Xero asked the Financial Conduct Authority (FCA) to change this rule.
The FCA has now updated its rules around the use of strong customer authentication for Open Banking connections. We are thrilled with this result, as once fully implemented this year, it will make things easier for you.
|The requirement to re-authenticate through the bank will no longer be in place later this year. Instead, you will only need to re-confirm consent for bank feeds to continue.|
|When will changes take place? Xere are working closely with Tink, their Open Banking provider, who are making these changes with each bank to get a clearer idea of timelines. Once we know more, we will be in touch to ensure you have plenty of time to prepare.|
In the meantime, we appreciate your patience while we do everything we can to support you through this change.