A European-wide initiative takes effect on 14 September 2019.
It is designed to give you control over your data and encourage competition and innovation across the banking industry. This Payment Services Directive 2 or Open Banking 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. It creates a new world of possibilities for you to do more innovative things with banking and payments in the future.
What does this mean for you?
If your 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 if you need to apply this hotfix.
If your 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 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 you. You can check on the latest status for your bank at www.sage.com/OpenBanking.
- As we get closer to March 2020, if your bank isn’t looking likely to have an Open Banking Ready connection in time, we’ll contact you again.
Sage are sending a communication to all customers to make them aware of these Open Banking PSD2 changes. Visit www.sage.com/OpenBanking to see the action you need to take for their bank and type of account. Sage also have simple, step-by-step support, short videos, guides and much more to help you get ready for Open Banking.
Got a question?
Sage have created an Open Banking FAQ and don’t forget that the Sage Help Centre has a wide range of support information available to you 24/7, including 100s of support articles. You can also access Sage City, our online community, where you can ask questions to Sage experts.