This communication was issued 05 September 2019.
Using Bank Feeds? Be ready for Open Banking (PSD2) changes
Notice 19-AV | 05 September 2019
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?
- 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 https://desktophelp.sage.co.uk/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.
We are sending a communication to all Sage customers to make them aware of these changes.
Visit https://desktophelp.sage.co.uk/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 practice and clients be ready for Open Banking.
CAUTION: This communication was sent in September 2019, therefore some links will no longer be avaliable.