Meeting the changing needs of financial institutions and their customers
Prairie Payments Joint Venture offers comprehensive payments solutions designed to be compatible with any core banking system and digital platform.
We are modernizing payments services in Canada, and are at the forefront of digital transformation through providing safe, secure, and innovative solutions.
In 2019, we began this evolution with a strategic Payments-as-a-Service (PaaS) partnership between prairie credit unions and IBM, forming the Prairie Payments Joint Venture (PPJV).
Our extensive services provide flexible and fast options for any financial institution or organization interested in modernizing their payments, processing, settlement, and clearing capabilities.
About PPJV
PPJV provides API-based payments processing and services across exchange, clearing and settlement.
Owned by Canadian credit unions, we are committed to providing fast, flexible and secure payments.
Our solutions are compatible with any core banking system and modern digital platform. Our platform provides a flexible option for any financial institution or company interested in offering modernized payments capabilities.
Why Modernizing Our Payments System Matters
In Canada and around the world, the payments landscape is rapidly evolving – and so are the needs of consumers.
Working alongside financial institutions, regulators, and stakeholders, PPJV is transforming Canada’s payments platforms – ensuring that we remain competitive on a global scale in today’s digital economy.
How a Modernized System Benefits Canada
By evolving payments systems in Canada, financial institutions and their customers will have access to a wide range of options to better serve their needs.
These include:
- Faster payment options
- Data-rich payments
- Transaction transparency
- Easier payments
- Cross-border payments
- Activity-based oversight
- Open and risk-based access
- Future innovations
ISO 20022: Everything You Need to Know
What is ISO 20022? ISO 20022 is an international standard designed to simplify global business communication.
Through using a standardized methodology, process, and repository, ISO 20022 is designed to be used by all financial standards initiatives.
How ISO 20022 will Benefit Canada
PPJV is leading the effort to introduce ISO 20022 in order to better serve the needs of financial institutions and Canadians.
As such, we have developed a rich portfolio of ISO 20022 payments messages to be used in Canada to better enhance several different payments scenarios including Automatic Funds Transfer (AFT), Lynx (a high-value, safe and secure electronic wire payment system), and Real-time Rail (RTR; in support of faster 24/7/365 payments).
The next phase of the ISO 20022 initiative will focus on the multi-year implementation and support of the new standard across Canada.
Our PaaS Partnership with IBM
PPJV and IMB have created a PaaS partnership for cloud modernization. This will enable PPJV to provide cloud-based solutions without the high investment costs of traditional solutions.
What is PaaS?
Platform as a Service (PaaS) is a set of cloud-based resources that are developed and deployed to enable financial institutions to offer customers payments solutions without the high costs associated with other solutions.
PaaS is beneficial because it avoids the need for purchasing costly and complex software licenses, allowing users to focus only on the applications and services they develop. PaaS allows faster integration and set up into an organization, rather than complicated digital transformation projects that take a long time to launch.
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