Accountancy software companies and professional bodies lobbied the Financial Conduct Authority back in June to simplify the process of re-authenticating bank feeds every 90-days. It was quite a frustrating process for bookkeepers ...
It used to be that either you or your bookkeeper had to log in to your online banking and click a button that said you wanted to re-authorise the feed to your accounting package. This has now got a lot easier to do and doesn't require logging into online banking.
When fully rolled out, there will be a button in the accountancy package you're using that is clicked by the bookkeeper to re-authorise the feed. In Xero, this will be a 'reconfirm consent', button so there's no need for anyone to log in to online banking.
This does require changes to each bank's systems as well as some work on the side of the accountancy software companies, so it'll be rolling out over the next couple of months. UK banks such as Natwest, Lloyds, Barclays, HSBC and Santander all have different dates for the change, but some have gone live now which will make your life easier and that of your bookkeeper too.
I have access to a regularly updated list of all the UK banks and when they expect the change to go live with Xero, so if you're wondering when it will happen with your bank then do get in touch and I can let you know.
You'll still need to re-authorise one more time for the changes to take effect, but after that the accountancy package should ask your bookkeeper to re-authorise instead.
I feel this is a very positive change.
If anything I've written here resonates with you, call me on 01604 420057 and let's see how we can help you.