Meridian Credit Union Signals Intention to Join PPJV
The Prairie Payments Initiative (PPI) was created to enable prairie credit unions to be competitive in payments by providing access to an efficient, cost-effective modernized payments processing infrastructure. While the initial focus was on the prairie credit unions, payments modernization – and the opportunity to provide credit unions with innovative and value-added products and services for members – goes beyond prairie borders. For the strength of the system, the Prairie Payments Joint Venture (PPJV) is also pleased to work with credit unions and other entities offering payment services across the country to provide a strong foundation on which to build an excellent payments experience on a national scale. With that, the PPJV is pleased to share that Meridian Credit Union has indicated an intention to join the PPJV.
“Meridian is pleased to be exploring an opportunity with the PPJV and join prairie credit unions in a common goal to deliver a modernized payments experience to members,” says Gary Genik, Chief Operating Officer, Meridian Credit Union/motusbank.
“The PPJV was developed to enable the credit union system to be competitive in payments. We believe in the Payments as a Service platform as the optimal modernized payments platform to support any credit union. We look forward to on-boarding Meridian to the IBM PaaS platform and their continued engagement in our Credit Union Payments Advisory Council and Integration Working Group” says Mike Boyd, Program Owner, PPJV.
While required due diligence is still taking place, both Meridian and the PPJV are excited about the potential opportunity.
Re-Baseline Schedule Update
As you are aware, over the past several months, the PPJV leadership and project team have been working diligently to evaluate the existing PPI timelines. The PPJV appreciates the patience credit unions have demonstrated as this work has been underway. The re-baselined schedule for migrating to all payment types is now complete with a preliminary schedule for all product releases identified. On May 4th at 1:00 p.m. MDT, Caroline Ziober and Mike Boyd presented the new timeline and responded to questions from credit unions at the scheduled PPI webinar.
To view the PPJV Release Roadmap Overview timeline click here.
Key highlights include:
- Interac e-Transfer:
- Release 1: Send/Receive/Auto deposit: currently live with a number of credit unions
- Release 2: Request to Pay/Auto-Reclaim: Target Go-live/Launch – Q2 2021
- Release 3: Interac e-Transfer for Business (Interac Instant) – Target Go-Live/Launch – Q4 2021
- AFT: Transition to occur over two releases/phases.
- Release 2: AFT processing using existing CAFT solution: Target Go-Live – Q4 2021
- Release 3: AFT processing visa White Label GUI (WLGUI): Target Go-Live/Launch – Q1 2022
- Domestic and International via White Label GUI Target to Go-Live/Launch – Q1 2022
- Cheque Processing
- There will be three releases:
- Release 1: Base cheque processing functionality build and is a precursor to enable credit union onboarding: Q2 2021 (no credit union impact)
- Release 2: Represents the full PPJV set of capabilities to support cheque processing and includes specific configurations and customizations to meet the credit union requirements: Target to Go-Live/Launch – Q1 2022
- Release 3: Remote Deposit Capture: Target Go-Live/Launch – Q2 2022
- There will be three releases:
- Bill Pay
- Recognizing transitioning onto IPCC for the various payment workstreams will have impacts on credit unions and members, Bill Payment Processing (including Lead Bank and Tax Payments) is being deferred to later in 2022 to minimize impacts to credit unions and members.
Impacts to Credit Unions
The PPJV is currently working with the different product workstream leaders to determine the impacts of the readjusted timelines on credit unions and members. Credit union readiness and onboarding approaches will be developed and shared with credit unions as they become better defined for each workstream. Credit unions will be engaged for each product workstream to ensure they are ready and supported as they transition.
The PPJV also knows credit unions are eagerly awaiting a concrete pricing schedule for 2022. Now that a preliminary schedule has been completed, the PPJV executive are working on re-forecasted budgets for 2021 and 2022 with an outcome of a fee schedule to be presented to the PPJV Board in May. We will communicate the 2022 fee schedule to credit unions as soon as possible.
PPJV and Other Providers: Understanding and Key Considerations
We speak to credit unions about a variety of things. Sometimes it can be hard to remember what exactly the PPJV solution offers as credit unions make decisions on the most suitable provider for them. Check out the “Key Considerations” backgrounder document here to help create some clarity!
CEO Search Progressing
Over the past several months, the PPJV Board has been undertaking a CEO search process to lead the PPJV. Interviews are currently underway with many strong candidates demonstrating interest in the role. The Board will finalize their decision by the middle of May and will communicate to credit unions when possible.
Payment Types Spotlight – Interac e-Transfer for Business
Credit Union Requirements
Interac e-Transfer for Business (formerly Interac Instant) is targeting business and commercial members/customers to tackle slower, more costly payment transactions such as cheques and electronic funds transfers (EFT) with an “instant” e-Transfer utilizing the Interac e-Transfer system familiar to most Canadians.
Interac e-Transfer for Business includes increased e-Transfer limits, the ability to route e-Transfer payments using accounts numbers rather than email/mobile, invoice/remittance data and a 5-second completed transaction requirement.
As part of the introduction of Interac e-Transfer for Business, Interac is mandating all participating Interac e-Transfer financial institutions be required to “receive” an Interac e-Transfer for Business into member/customer accounts, including retail. At this time “sending” an Interac e-Transfer for Business transfers is not part of the mandate and is considered optional for Business accounts. Participating credit unions can decide when/if to implement the ability to “send” Interac e-Transfer for Business transactions.
Credit unions will need to determine if any changes are required to their Direct Services Agreements with their members as well as work with their current service providers for an impact assessment and plan for enablement.
Click here to read the full brief.
e-Transfer Onboarding Progressing Well
Credit union migration for Interac e-Transfer continues to move forward with recent launches for Synergy Credit Union, Encompass Credit Union and Lakeland Credit union. Celero has completed the scheduling for all remaining credit unions using Celero’s Xpress Digital Banking Platform to the end of the year. Credit unions not using Xpress will be onboarded based on agreed upon schedules which will be determined in the near future.
Interac e-Transfer Fraud Requirements
At the most recent PPI webinar on May 4th, Caroline Ziober addresses how the Credit Union Payments Advisory Council is working to understand gaps and how to address them. To view the webinar recording and the slides, click here.
For additional information on how to recognize, manage and mitigate fraud for e-Transfers and support members in understanding the risks and ways to mitigate them, view the Fraud Management articles in the Knowledge Centre here.
PPI Portal Updates
- Knowledge Centre: check out the latest news, reports and opinions on all things payments. Click here to read the latest articles!
- Recent PPI Webinar: Missed the May 4th PPI webinar? Click here to access the recording and presentation deck.
- e-Transfer Fraud Management Resources: click here for some excellent resources on how to mitigate the risk of fraud at your credit union, developed by Interac.