General Key Messages – Prairie Payments Initiative

We encourage you to use the following high-level key messages whenever you are asked about the Prairie Payments Initiative (PPI) and Prairie Payments Joint Venture (PPJV) by team member or your credit union’s board of directors. These are overview messages only. If you need more detailed messages, or questions answered on specific payments types, technical issues or details about project costs and timelines, please contact the PPJV Engagement Team at

Key Messages – Benefits of PPI to Credit Unions

  • The Prairie Payments Initiative (PPI) was formed to ensure prairie credit unions are competitive in payments by providing access to the most efficient, cost-effective and modern payments processing infrastructure.
  • Provides autonomy over payments types and increased control for prairie credit unions.
  • Enables access to leading payment services via the IBM ecosystem.
  • Increases opportunities to collaborate with other financial institutions and technology companies to provide new and innovative payment products and services to members.
  • Agnostic to core and digital providers, offering a choice of connections and services to credit unions – they can choose how they want to integrate.
  • Prairie credit unions are owners of the PPJV, meaning they can influence the governance model.
  • Established by credit unions for credit unions to ensure the future is in their control and not in the hands of a vendor.
  • Gives all who participate the equal opportunity to seek strategic partnerships, strengthen service offerings, pursue innovation and access new markets.
  • Ensures an ISO20022-standard infrastructure is in place to meet all current and future Payments Canada modernization requirements.
  • Allows for future-focused payments that deliver excellent member experiences without sacrificing security measures or fraud protections.
  • PPJV’s offering includes:
    • All clearing and settlement processing to prairie central settlement accounts at no extra cost.
    • Anti-Money Laundering requirements and fraud monitoring.
    • Project management support, digital and core banking integration support, training and settlement support, and network connectivity support.

Key Messages – Master Participation Agreements

  • Master Participation Agreements (MPAs) were distributed to all prairie credit unions in early March.
  • To support awareness and understanding of the MPA and associated signing process, a Q&A document, legal opinion and a letter of commitment from the CEOs of the eight largest prairie credit unions by asset value (or the “P8”) was also provided.
  • As of June 2021, more than 68% of credit unions have signed and returned their MPAs, representing approximately 71% of all volumes.

Key Messages – Pricing/Cost Overruns

  • The PPJV leadership recognizes that credit unions are eagerly awaiting a concrete pricing schedule for 2022.
  • It is understandable that pricing is critical to confidence in signing the MPA for those who have not signed.
  • Now that the preliminary timeline has been completed, the PPJV executive are working on re-forecasted budgets for 2021 and 2022 and the 2022 fee schedule, which will be communicated to credit unions once approved.
  • The PPJV all-inclusive pricing model reflects the commitment of all prairie credit union volumes and includes all settlement and clearing fees, access to a modernized payments infrastructure and existing settlement facilities with prairie centrals/collateral requirements.
  • The PPJV transaction fees have the potential to be reduced as additional volumes are added to the system.
  • I can’t speak to pricing or cost overruns any further, please reach out to for more information on this.

Key Messages – Timeline

  • The PPJV leadership and project team worked diligently throughout early 2021 to evaluate existing PPI timelines and delivered a re-baselined schedule for migrating all payment types in early May.
  • The new schedule, which include preliminary timelines for all product releases, is available on the PPI Portal under PPI Resources > Timelines.
  • If you have further questions, reach out to

Key Messages – Onboarding Support

  • It is understandable that credit unions might be anxious about onboarding and what is required.
  • The PPJV Engagement Team is supporting the development of onboarding guides and business readiness documents and tools so credit unions have access to the information they need and are supported through the transition.
  • Credit unions should contact the PPJV Engagement Team to initiate conversations

Key Messages – More Details

  • For the most relevant and up-to-date information on the PPI, register for the PPI Portal at
  • Once you are signed up for the Portal, you will automatically receive the Biweekly Broadcast, an email update about PPI that is sent every two weeks.
  • There are also regular virtual meetings run by the PPJV Engagement Team, including bi-monthly PPI Webinars and twice monthly Engagement Forums.
  • For more information on these meetings or PPI, reach out to the PPJV Engagement Team at