What is Open Banking?
New EU standards come into place from 14 September 2019 and will affect your business bank account(s).
Called “Open Banking”, it means you can choose to share your bank account information securely and electronically with anyone else. It is designed to encourage competition in the banking industry, giving you more choice, as well as greater control of your data and how it’s used. Every business will be affected differently depending on the bank they are with.
How might it affect Salonfrog’s clients?
The new rules will change the way some banks connect to Xero (the accounting platform all our Clients use).
To comply with the new requirements, many of Xero’s bank feeds (i.e. where we currently take a read-only feed from your bank account) will be replaced by new direct feeds using Open Banking.
We may be required to update your existing bank feed to a new direct feed, so that your transactions continue to flow into Xero each day.
We’ll let you know about any changes we need to make as and when. In the meantime, let us know any questions you have.