Welcome back from summer! With fall setting in, the Biweekly Broadcast will resume its usual schedule.
2022 PPJV Pricing Model
As noted in the special issue of the Biweekly Broadcast sent July 27th, one of the key tenets of the Prairie Payments Initiative (PPI) is to provide benefits to the Prairie credit unions by optimizing payments infrastructure, leveraging economies of scale and improving cost efficiency through the aggregation of volumes. Over the past several months, the PPJV Leadership Team has been focused on creating a pricing strategy that reflects this commitment and the realities of the program. As a result of increased program costs and delays in the migration of payment volumes, the PPJV explored opportunities to reduce program costs and ultimately the per transaction fees, which included an extension to the IBM contract.
After a comprehensive analysis and review, the board has approved a tiered pricing approach and is pleased to announce that the 2022 pricing has been finalized. The tiered pricing model uses a Fill-a-Tier approach whereby credit unions, regardless of size, pay the same price for the same number of transactions. This ensures an equitable approach for all credit unions, regardless of transaction volumes.
The 2022 pricing has been broken into two options, the first option aligns with the existing credit union Master Participation Agreement (MPA) and the second option provides a lower per transaction fee with a longer contractual commitment reflected as follows:
- Current Credit Union MPA (2027 expiry): average of 23.5¢ per transaction for 2022.
- MPA Extension (2030 expiry): average of 19.9¢ per transaction for 2022.
To read the full announcement on the pricing strategy and 2022 fees, please click here.
As the PPJV moves into the fall, the priorities for the final quarter of 2021 include:
- Continued onboarding of credit unions to e-Transfer platform – to date, 17 credit unions have been onboarded, with seven more expected by the end of 2021.
- Ongoing completion of Master Participation Agreements – the PPJV Engagement team has been working closely with credit unions to complete the MPA sign off process and MPA extensions. To date, a majority of credit unions have chosen the extension option as presented in the Special Issue Biweekly Broadcast in July (found here).
- Finalizing the integrated layer provider – as noted in the June 15th Biweekly Broadcast, effective August 2021, the Digital Integration Pattern (DIP) is no longer being pursued. An alternate solution is under development to replace the DIP. More will be shared at the upcoming PPJV Townhall on October 7th.
Communications and Engagement Survey Results Provide PPI Useful Feedback
In late June, a communications and engagement survey was sent to all registered portal users. Thanks to all who responded, the majority being credit union senior leadership and executive team members.
Highlights of the results include:
- 90% understand the importance of PPI as it relates to payments modernization
- 76% agree PPJV communications and engagement provide the right information
- 82% find the Biweekly Broadcast useful.
- 78% feel the amount of communications are frequent enough
- 40% understand the timeline for PPI to be rolled out (opportunity area).
- Many feel that vital information is not missing and communications/engagement to date has been well done.
- Many find information too technical with too many acronyms.
- Respondents want more specific details on timelines and costs/pricing.
- More information on Central1/Forge integration is needed.
- More than 50% of respondents find the webinars and forums useful.
- Information on onboarding, business readiness and integration is desired.
Many thanks to all respondents, your feedback will help inform future communications and engagement strategies.
Introducing PPJV’s Interim CIO/CTO: Sanjiv Purba
The PPJV would like to welcome Interim CIO/CTO Sanjiv Purba to the PPJV leadership team.
An experienced Chief Information Officer (CIO) and Chief Technology Officer (CTO), Sanjiv has extensive knowledge of what is required to successfully define and implement end-to-end digital transformation solutions for financial services organizations both in Canada and the United States. He has more than 25 years of progressive technology and business experience as a leader at large technology companies, financial services providers and consulting firms. As CIO at Home Trust, Canada’s largest independent trust company, his team implemented the first core SAP banking solution in North America. Some of his other roles include Global Head of Information Technology with IMAX Corporation, Partner at KPMG and many other senior positions with IBM, Goldman Sachs, Sun Life, Vast Bank, CIBC, TD, Microsoft and Deloitte. Sanjiv has written over 19 books and hundreds of articles on IT and business for publications such as The Toronto Star and The Globe & Mail.
Sanjiv will focus on building out PPJV’s architecture and technology planning process as well as overseeing the delivery of the project from a technology and governance standpoint. He will also be leading the design of PPJV’s architecture, working with IBM, Celero, ebankIT and other vendors. Sanjiv will also build out and manage our end-to-end governance capabilities and the project management portfolio. Under Duke Butler’s guidance, he will work with the other CIOs as well.
Payment Types Spotlight – Interac e-Transfer®
Onboarding to e-Transfer continues, with 17 credit unions onboarded to date, including two in 2020 and 15 in 2021. Five credit unions will be onboarded throughout the rest of 2021. All onboardings have gone very smoothly, as the process is tried and tested for all involved.
In addition to the onboarding of credit unions, additional functionality continues to be developed and introduced to Interac e-Transfer®. Release 2 in June included the Request Money functionality, allowing credit union members to request money from a person or business via e-Transfer, whereby the recipient is notified instantly and can immediately accept or deny the request. If accepted, the requested amount will be automatically deposited into the member’s account.
Work continues to complete the development of the Interac e-Transfer for Business functionality that Interac announced in August. In case you missed it, click here to read Interac’s e-Transfer for Business press release.
PPJV Town Hall Meeting
- Join us for the October 7th Townhall from 9:30 a.m. to 11:00 a.m. MST where Duke Butler, PPJV CEO, will share his perspectives on the PPI to date and his goals moving forward, as well as provide information about the digital integration layer, updates on the roadmap and more. Meeting details, including the Zoom link, were emailed to all registered portal users September 16th and can be found on the PPI portal under upcoming meetings and webinars here. Don’t forget to add the invite to your calendar manually from the email as it does not input automatically. If you did not receive the email with the Zoom link for the meeting, please contact firstname.lastname@example.org to have it resent.
- Also be sure to check out the Knowledge Centre on the PPI portal for the latest news, reports and opinion on all things payments. Click here to read the latest articles!