Earlier this year, we informed your credit union of billing changes that would apply to multi-factor authentication (MFA) for It’s Me 247 online banking and/or BizLink 247 business banking. For a recap of those details, please click here to review the earlier announcement.
As a reminder, starting with your April invoice (sent at the beginning of May), we will begin passing through vendor charges for MFA text messages, just like we currently do for text messages due to eAlerts and Text Banking. The cost will be 2.5 cents ($0.025) per text* and will include both login MFA text messages, as well as for P2P and personal info updates requiring MFA. Note that passcodes sent via email for MFA will not impart any cost on your credit union, only those sent via text.
*Subject to change quarterly based on carrier costs.
TIP: When it comes to MFA for logins, the number of days you configure for the “remember my device” interval is important, as your costs will depend on how often members receive MFA text messages. Analyzing your typical activity can assist in making decisions about the number of days your credit union plans to use for the configuration.
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CU*Answers has compiled sample data from CUs who have already activated MFA, showing a monthly count of text messages sent. The list includes credit unions of varying sizes and configuration settings, with a calculation of what the billing for March would have been at 2.5 cents per text. You can also look at the ARU/Online Banking Stats dashboard (Tool #141) to review your credit union’s average logins per day and total logins per month. We hope these tools will help you get a rough estimate of your potential cost, whether you’ve already activated the feature or are planning to down the road.
If your credit union would like a copy of these reports, please reach out to the Client Services and Education Team.
