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Open Banking – Importing transactions

Open Banking and PSD2 legislation include a new wave of access and security changes that come into effect on 14 March 2020. This will make accessing your bank and payment information faster and more secure to support faster decision making.

There are a small number of banks and financial institutions that won’t have new Open Banking connections ready in time for the change. Go to sage.com\openbanking to find out if your bank feed is available.

If a bank feed isn’t yet available for your bank, any existing Bank feed connection in Sage Business Cloud will stop working on 14 March 2020. At this point, you’ll need to either enter transactions manually, or we recommend importing your bank statements. In either case, leave your existing bank feed connected so you take advantage of any existing bank rules you’ve set up.

Bank statement import

If your bank isn’t yet Open Banking ready you can import bank statements from your online banking service using CSV, QIF or OFX files. This helps when reconciling transactions and ensuring your accounts are accurate.

For these bank accounts, you can use the bank statement import from the 14 March and process your transactions automatically using bank rules. (We recommend importing from the 14 March as prior to that date, your bank feed should still have brought across transactions automatically.)

See Bank statement import for instructions

Alternative to bank statement import

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