Master Participation Agreement Status Update
To date more than 50% of credit unions have signed and returned their Master Participation Agreements (MPA), representing approximately 40% of all volumes. To support credit union understanding of the MPA, two information sessions were recently held that received positive feedback on: providing the opportunity to ask questions, the emphasis on transparency, and the flexibility PPJV is providing to credit unions that require more time to do their due diligence and assessment of options before signing. To support this, a document that outlines the key considerations for credit unions to contemplate is currently being developed. This document will be shared with all credit unions by mid-April.
MPA Deadline Extension Available
While the deadline for MPA completion was April 2nd, the PPJV understands some credit unions may require more time as they await legal opinions or obtain board approvals. If you require an extension please reach out to the PPJV Engagement Team at email@example.com.
Re-Baseline Schedule Update
Although a new re-baselined schedule is not yet finalized, a significant amount of work has been completed to ensure that when it is presented to the board and ultimately to credit unions, it reflects a comprehensive and attainable timeline. Since February, the following activities have taken place, including:
- Assessment of program, products and timelines.
- Active planning sessions.
Next steps including presenting the revised plan and schedule to the PPJV board and obtaining alignment and approval.
Following the approval of the plan, communication of changes and engagement with credit unions (set expectations for program, products and timelines) will commence.
Provincial Town Hall Q&A Document Posted
The PPJV recently hosted provincial system discussions on the PPI program in Alberta, Manitoba and Saskatchewan. These town hall sessions included excellent discussion between credit union leaders, Prairie Centrals’ executive, Credit Union Payments Advisory Council (CUPAC) representatives, and the PPJV leadership team.
A Q&A document for each provincial town hall is available on the PPI portal in addition to each town hall session recording and presentation and can be found under PPI Resources > Webinars and meetings.
Revised Engagement Approach Finalized – First Meeting Booked
The first PPJV Engagement Forum has been booked for April 15, 2021. Contacts from the previously grouped P3/P4 and POC Network should have received their meeting invites. If you did not receive an invitation and would like to attend, please reach out to PPJV Engagement Team at firstname.lastname@example.org. In addition, the first Ask the Expert session will take place in May, with a date and time to be shared soon.
The forum will cover the following topics:
- Program update and progress on re-baseline work
- Update from the CUPAC Integration Working Group
- Anti-money laundering requirements update
- Interac eTransfer update and lessons learned from initial credit union launches
- Overview of Interac Commercial
PPI Portal Updates
- Knowledge Centre: check out the latest news, reports and opinion on all things payments.