Hi All,i have been using the Raiz platform for a couple of years...

Hi All,

i have been using the Raiz platform for a couple of years and got a message today regarding my bank introducing multi factor authentication. It doesn't impact on regular contributions, but means the round up function can no longer operate with my account. Not sure what proportion of their FUM come from this, but may have an impact for them moving forward. I know spaceship only recently introduced a round function and they seemed to be going ok before that.

be interesting to see what impact this has on FUM flows

email from them below

We are writing in relation to the recent changes made to the Macquarie Bank security process, which has impacted our ability to round-up your spare change.

Unfortunately, Macquarie’s minimum-security requirement for internet banking access changed last week, requiring a second factor of authentication to be completed on the Macquarie Banking app.

Any bank that uses a Multi Factor Authentication login i.e. a security token, extra security device or SMS verification, will not be able to be linked for round-ups.

This extra login feature disables our system from automatically receiving your transaction history to calculate round-ups.As we were unable to fix these issues, we have had to remove Macquarie Bank as an option for being linked as a spending account.

You can still use Macquarie Bank accounts as your funding account and have the funds debited from that account for one-off or recurring investments, but you will be unable to use Macquarie Bank Accounts for round-ups.