A European-wide initiative takes effect on 14 September 2019 and is designed to give you and your clients more control over your data and encourage competition and innovation across the banking industry. This Payment Services Directive 2 (PSD2) legislation is often referred to as Opening Banking in the UK. These changes will make your Sage Bank Feeds more secure, more accurate and easier to set up. And it creates a new world of possibilities for us to do more innovative things with banking and payments in the future. So good news for your practice and clients. What this means for your clients? If their connection is "Open Banking Ready" - Most banks that Sage customers connect to will be automatically moved onto new Opening Banking connections on 14 September.
- After this date, you may be prompted to re-enter online banking details to re-authorise the connection between Sage and the bank.
- You'll be asked to re-enter details every 90 days – helping to make sure your connection remains secure.
- For a small number of banks it will require a hotfix to be installed on your clients Sage 200 system in order to continue to use Bank Feeds, we will contact you directly if your customer needs to apply this hot fix.
If their connection is “Not Yet Ready” - There are a small number of banks or account types that won’t have new Opening Banking connections ready in time for the change.
- The good news is – nothing will change right now. Your clients’ existing connections will continue to work until March 2020.
- In this time, we expect the majority of remaining banks to create Open Banking Ready connections. When this happens, Sage will automatically make the change for your clients. You can check on the latest status for your clients’ banks at www.sage.com/OpenBanking.
As we get closer to March 2020, if their bank isn’t looking likely to have an Open Banking Ready connection in time, we’ll contact you again. Visit www.sage.com/OpenBanking to see the action your clients need to take for their bank and type of account. We've also got simple, step-by-step support, short videos, guides and much more to help you and your clients be ready for Open Banking. Yodlee Bank Feed Withdrawal From 14th September 2019 legacy Yodlee Bank Feeds will be withdrawn as the technology is not supported with the move to PSD2. There are currently no customers using this type of Bank Feed but this withdrawal will prevent the on boarding process, if attempted. Direct Bank Feeds are available in Sage 200 Summer 2017 Enhancements or above. Note: A similar communication has already been issued to all Sage customers to make them aware of these changes.
 CAUTION: This communication was sent in September 2019, therefore some links will no longer be avaliable.
|