Open Banking is all about getting greater control over who you share your financial information with. The new EU standards take effect on the 14th of September 2019 and will change the way that some banks connect to cloud accounting software such as Xero.
Here is a super handy guide provided by Xero to allow users to determine if/how their bank feed may be affected by Open Banking. Follow the link and scroll down to the table to find your financial institution, from there you can see what action you may need to take.
Your financial institution may not yet be ready for Open Banking on the 14th of Septemebr so you will need to manually import your bank feed until a direct feed becomes available.
If you need help with this please get in touch.
At Root2Growth we aim to take the fear out of finance, empowering businesses to perform better. In addition to offering the standard accounting and bookkeeping services we are passionate about being our clients' trusted advisors and specialise in Xero and WorkflowMax implementations.
For more general information on Open Banking take a look at this website.