Getting "ERROR: maximum number of prepared transactions reached" when working with EJB timers

Issue

• When we attempt to deploy process which includes Timer Start node, the deployment fails with:

Caused by: org.postgresql.util.PSQLException: ERROR: maximum number of prepared transactions reached
  Hint: Increase max_prepared_transactions (currently 0).
    at org.postgresql.core.v3.QueryExecutorImpl.receiveErrorResponse(QueryExecutorImpl.java:2284)
    at org.postgresql.core.v3.QueryExecutorImpl.processResults(QueryExecutorImpl.java:2003)
    at org.postgresql.core.v3.QueryExecutorImpl.execute(QueryExecutorImpl.java:200)
    at org.postgresql.jdbc.PgStatement.execute(PgStatement.java:424)
    at org.postgresql.jdbc.PgStatement.executeWithFlags(PgStatement.java:321)
    at org.postgresql.jdbc.PgStatement.executeUpdate(PgStatement.java:297)
    at org.postgresql.xa.PGXAConnection.prepare(PGXAConnection.java:326)