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This is really important from a system integrity and fraud prevention perspective; irrespective of whether the change is made directly in the contact or from the dashboard whilst making a payment.

I cannot stress enough how much we need new bank accounts or changes to existing bank accounts to require approval. ie.

Step 1: Accounts payable staff member adds a new contact for a supplier and enters the bank account details.

Step 2: Another user with the appropriate permissions, such as a manager, gets notified to approve the new/changed bank account

The new/changed bank account should need to be approved before the contact can be added to any payment batch.

With so many subscribers supporting this feature does Xero have an installation date.

Think this is really important. I am sure xero used to have this feature?

I agree - this should be a simple fix. Xero Team - when are you going to get this sorted?

Hi,

I commented on this back in Sept 22 and still can't believe it hasn't been addressed. Every year our auditors ask what systems we have in place to prevent fraud and we have to advise we still cannot get notifications from Xero sent to our accountant to advise if supplier bank details are changed.

Adding my agreement, that this should be standard.

Everyone needs this level of control in 2023.

As part of our organisation's security and compliance measures, we need to ensure an extra layer of protection when it comes to bank account changes. To enhance the security of our financial transactions, we urgently request the implementation of an independent email notification system.
Specifically, we need Xero to send an automated and independent email to our designated senior manager whenever a bank account change request is initiated or processed through the platform. This additional notification will serve as a crucial safeguard against any unauthorised or fraudulent activity related to our finances.
Extremely disappointing that a platform like Xero already does not have this feature and that customers have to request it. This “idea” was raised in March 2022, it is now August 2023. One would think this is an easy feature to include. All other systems I have used have this “feature” already built in.
Why do we need to vote? This is a compliance issue, not a nice to have.

Essential for audit purposes! Thank you

Xero Admin Team - do you have an ETA on this IDEA!!!!!

required for our audit purposes

Agree

This is an important and simple governance feature against fraud and should be considered as a priority.

I'm very concerned that this is not already a feature. I have previously been an MYOB user where this is standard. This leaves payees in the system very vulnerable to having their bank account details changed and those approving payments not being alerted. Please let me know if you are going to consider this as an update.

A must for financial controls in a business. As Finance Director for a £20m turnover business I need to know if one of my finance team members changes a bank account. We use bulk uploads to the bank so there's little other opportunity to pick up changes without trawling through the assurance dashboard, which cannot be filtered by date to focus on one financial year at a time.

Critical that a bank account change notification is sent to nominated individuals, not all bank admin as this can include and involve far too many people in the finance team with unnecessary email traffic.

Critical that the assurance dash board can be filtered by date or financial year. I don't need to see assurance for events that happened years ago.

This isn't already happening, how insecure is this!. Yes get this done asap.

Get this done ASAP! For an accounting software product not to have this already implemented is beyond me. Worked in many accounting products and this was never an "idea" I had to ever vote on. Accounting 101...

Update - my new work around is to add an email rule at the Office 365 - Exchange Admin level. That way any email from Xero re a Bank Account change comes direct to me. If you use a bookkeeper that logs in with their own email I suggest you make them login with an email that you control.

The above only covers Contacts that have existing bank details changed.

As you don't get emails when new or existing Contacts have bank details added for the first time you really need to run the "History and Notes" screen report. (Accounting menu --> Advanced --> History and notes). In the Item section select "Contact", then search (Ctrl + F) for "bank" and you'll be able to locate all bank account changes with a link to the Contact that was changed.

notify the person changed the bank account is useless if this is meant to prevent hacking and stealing

It's a no brainer way to protect businesses. Currently notifying the person who changes the bank details is like telling a burglar you've successfully set yourself up to burgle a house. The notification MUST go to another Admin. In my analogy, the homeowner, so they can take precautions.

I lost almost $2K to this issue as a below average bookkeeper changed a contact's bank details to another supplier's bank details. The bookkeeper was notified but I wasn't. Unfortunately, the recipient of the funds spent the money before we found out and we could only claim about $200 back from them after 12 months and a lot of trouble. We're a not for profit and the auditor was shocked by this weakness in Xero.

My work around now is to use an email rule in the staff member's Outlook program that auto forwards the Xero bank account change email to me. This isn't foolproof though.

Please safe guard businesses by having the supplier bank account change email go to both the user and the nominated admin(s). It just commonsense.