success

Biweekly Broadcast

General Update

Steinbach Successfully Launches e-Transfer with PPJV

Credit union onboarding continues to proceed well with Steinbach Credit Union being the latest credit union to launch Interac e-Transfer® on May 18th as part of the credit union’s transition to Celero’s Xpress digital banking platform. The implementation and Go-live proceeded well with launch occurring seamlessly and on schedule as the project team was able to finish testing early. To help prepare members, Steinbach began communicating well in advance about the change and implemented additional tools and support at their contact centre to support any member service issues.

Steinbach acknowledges that the lessons learned by credit unions that went live before them – especially Assiniboine Credit Union and Connect First Credit Union – were leveraged by the credit union to create a smooth implementation process. “While we know the experience was difficult for these credit unions, the learnings they provided, coupled with excellent involvement and support from various resources and the project team, were a testament to the importance of preparation and collaboration. We appreciate all the work and support to make this onboarding go well.” says Andy Alguire, Chief Information and Technology Officer, Steinbach Credit Union.

2022 Fee Schedule Update

The PPJV knows credit unions are eagerly awaiting a concrete pricing schedule for 2022. Now that a revised program schedule has been completed, the PPJV executive are working on re-forecasted budgets for 2021 and 2022 with an outcome of a fee schedule that will be presented to the PPJV Board on May 31st. We will communicate the 2022 fee schedule to credit unions as soon as possible following approval by the PPJV board.

Anti-Money Laundering (AML) Onboarding Packages Due May 31st

In April, the PPJV sent a request to key contacts at credit unions regarding the completion of a PPJV AML onboarding package to be completed by May 31st. This package supports increasingly stringent US AML legislation and enforcement, whereby correspondent banks are reluctant to provide correspondent banking services to credit unions. PPJV’s correspondent banking relationship with JP Morgan Chase (JPMC) is contracted with the three prairie centrals. As such, it is JPMC’s expectation that PPJV understand the risk profile of all ‘customer’ financial institutions and hold participating financial institutions to the stringent AML standards.

In response to an increase in correspondent banking regulatory standards, service provider expectations and to proactively mitigate risk, Alberta Central, as the manager of PPJV, has developed the PPJV Anti-Money Laundering Standard. The purpose of which is to set out the PPJV’s Money Laundering (“ML”) and Terrorist Financing (“TF”) risk management expectations of each participating financial institution.

For the key contacts at credit unions, please ensure your packages are returned May 31st. If you have any questions please contact: Engagement@ppijv.com.

PPJV Engagement Forum

The next PPJV Engagement Forum will take place on May 26th with a program update and a presentation on fraud management. This forum will also feature an “Ask the Expert” session where PPJV payment experts will answer all your questions about the program and the various payment types.  If you wish to submit questions prior to the Engagement Forum, please send them to: Engagement@ppijv.com.

Payment Types Spotlight – Interac e-Transfer®

 Interac e-Transfer® for Business

As has been communicated, Interac is launching new real-time and data-rich functionality on the Interac e-Transfer® platform that was formerly called Interac Instant but is now being promoted as Interac e-Transfer® for Business. It provides a fast, efficient and universal payment solution for Canadian businesses to send and receive commercial transactions in real-time (immediate notification of receipt of funds to both the sending and the receiving party).

All this functionality will be included in the PPJV Interac e-Transfer Release 3. As your credit union prepares to onboard to e-Transfer with PPJV, there are some key considerations and readiness activities that you can start now to ensure your credit union is prepared for a successful transition. 

‘“Receive Money” functionality includes:

  • Increased Limits
  • Real-Time Confirmation
  • Remittance Data
  • Account Number Routing

“Send Money” functionality includes:

  • Transaction Initiation Within the Digital Channel
  • Account Number Routing
  • Increased Limits
  • Rich-Data Remittance
  • Real-Time Screening
  • Real-Time Confirmation
  • Presentment & Transaction History Storage

Depending on the functionality, some configuration or system changes may be required.  Credit unions are encouraged to share the Interac e-Transfer for Business support documentation with their host banking system provider to determine if any changes are required.   

The e-Transfer for Business Service Implementation Guidance manual is located on the PPI Confluence site here: [PPI e-Transfer CU Onboarding Toolkit < Other Guides and Templates < e-Transfer Guides < Interac Commercial Service Implementation Guidance manual.]

These changes / updates will be highlighted in specific e-Transfer onboarding discussions with credit unions.

PPI Portal Updates

  • Knowledge Centre: check out the latest news, reports and opinion on all things payments. Click here to read the latest articles!
  • e-transfer Fraud Resources: for some excellent resources on how to mitigate the risk of fraud at your credit union, developed by Interac, click here to visit the Knowledge Centre and click on “Fraud Management”.