If you use Xero and bank with HSBC, be aware that you will need to update your existing bank feeds by 30 July 2021.
In order to continue enjoying the features of a bank connection, such as easy reconciliation, you will need to switch to a new HSBC Open Banking feed as existing bank feeds will soon stop importing transactions to Xero.
The new feeds which use Open Banking are quick and easy to set up within Xero as well as secure. The feeds can be set up within Xero at no extra cost as they are included in your plan.
Accounts which are compatible with Open Banking feeds
News feeds are ready to be set up for the following account types:
- Current
- Savings
- Deposit
- Credit cards
- Foreign currency
There are, however, some accounts which are not supported with Open Banking feeds. If you have an account which is listed above, you may have to manually import transactions to Xero from 1 August. You can find out more
here.
How to switch?
To switch to a new feed, you will need to have your online banking credentials ready. You can then follow the prompts to ‘Update bank connection’ on the Xero dashboard under the affected bank accounts. The whole process should take no longer than 5 minutes.