Posted: Friday, February 28, 2020
Open Banking (PSD2) is a new secure way to share financial information. It has been designed to give customers greater control over their financial data when shared from their bank with companies like Sage that offer banking and payment Apps.
All banks that provide bank feeds to accounting software, need to conform to Open Banking (PSD2) which comes into effect on 14 March 2020. To comply with the new standards, connections between some banks and Sage will change.
Sage 200 is already setup to manage this change and customers using bank feeds will simply need to re-enter their credentials to continue using bank feeds. Customers will be prompted for these credentials from 3rd March 2020. If, however, a customer’s bank is still not compliant with the new legislation, they will no longer be able to use bank feeds from 14th March 2020. In light of this, we advise that customers check with their bank to see when they will be compliant with Open Banking.