The UK has now left the EU single market and customs union, so it is very important to ensure that your business complies with the new rules.
As per our previous article, the new rules have implications for all UK businesses who trade with companies outside of the UK, as well as their financial systems. For our Sage 200 clients, one of the areas affected by Brexit is Bank Feeds.
As a result of Brexit, any 3rd party accessing bank feeds now will need EU regulator authorisation to provide bank feeds for UK banks. Authorisations issued by the UK regulator will not be valid after December 31st, 2020.
Sage uses a third party in the UK, which connects to several key financial institutions, to provide feeds in this country. There has been a delay in Sage’s feed partners receiving approval for an EU license from regulators.
Therefore, there may be a temporary disruption to a small number of UK customers’ automated bank feed capability effective January 1st, 2021.
While you might not be directly affected by these changes and not experience any changes to the service, we wanted to update you about the situation so you can take any necessary action to mitigate the disruption to your business.
What does this mean for you?
As of January 1st, 2021, you may temporarily lose your connection to your live Bank Feeds for your accounts connected to UK banks.
If your Bank Feeds link is disrupted, you can find out how to manually enter and reconcile your transactions here.
Alternatively, you may choose to wait for the issue to be resolved and check back later for new transactions, or manually create any transactions in the meantime. Please note, once any disruption is resolved, you may need to re-authenticate to your bank.
For more information regarding Brexit please take a look at our previous article. We will continue to provide more information as the situation requires or as we receive it from Sage. To ensure you do not miss anything, please follow our social channels and subscribe to our mailing list.
If you would like to discuss your specific Brexit requirements in more detail or would like to book a Smith Cooper consultant to make changes to your system, do not hesitate to contact us via the website form, firstname.lastname@example.org or 01332 587515