What’s happening?
There are some changes afoot with regards to the 90-day reauthentication rule relating to bank feeds. Currently every 90 days the feeds need to be re-authenticated by clients.
The Financial Conduct Authority (FCA) has updated the rules with regards to authentication for Open Banking connections. This is in the process of being implemented and once live the need to re-authenticate feeds every 90 days will no longer be required removing the need for clients to reauthenticate, this is being replaced by re-confirm consent for bank feeds to continue.
When will changes take place?
Xero are working closely with their Open Banking provider who are making the changes to ascertain timelines, another update will be provided once the transition is closer to going live.
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