A new Prairie Payments Joint Venture (PPJV) and IBM have signed an 8-year, multi-million-dollar agreement to digitally transform and modernise credit union payment services in Canada.
This marks the largest agreement of its kind in Canada for the credit union system, according to the official press release. The new joint venture between the Credit Union Centrals of Alberta, Saskatchewan, and Manitoba collectively represent more than 75 credit unions across the three prairie provinces.
Increasingly, people are choosing digital payments over cash and governing bodies are continually updating regulations to keep pace with those demands. According to Payments Canada's annual Canadian Payments Methods and Trends Report released in December 2019, electronic payments account for 73% of all transaction volume versus cash at 21%.
This new Payments-as-a-Service platform will be developed and managed by IBM Services and hosted in a dedicated, private cloud environment on IBM public cloud.
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