GhIPSS Moves To Deepen Payment Platform

ghIFour new products have been proposed by the Ghana Interbank Payment and Settlement System (GhIPSS) for banks to consider for a rollout on the gh-link platform next year.

They are intended to maximise the payment platform and provide better as well as convenient banking to customers.

Speaking at a breakfast meeting with representatives of some commercial banks in Accra, the Head of Projects at GhIPSS, Kweku Tettey said the products included Instant Bank Transfer, Instant Bill Payment, Multiple Account Enquiry and Identity and Reference Verification.

Mr. Tettey said the Instant Bank Transfer would involve transfer from one bank account to another which would take immediate effect.

Currently, he said, transfer from one bank account to the other takes not less than three hours even under express transactions through a system known as Direct Credit under the Automated Clearing House (ACH) and 24 hours if it is not under express transaction.

“But with the new product that GhIPSS is proposing to the banks, a customer can request a transfer and it will hit the account of the recipient instantly. Such a payment system will come in handy for businesses who want a quick and safe way of making or receiving payments,” he said.

The Instant Bill Payment which is also being proposed, he explained would enable bank customers to instruct their bankers to pay their bills on their behalf and the deduction that was done would hit the account of the billing company instantly. This service  he  said, would be useful for utility companies and other service providers who want to improve on their revenue collections.

“Another product that the banks were presented with, for consideration, will enable their clients who have multiple accounts with different banks to be able to check all the balances on the various accounts through internet banking,” he said.

Christened Multiple Account Enquiry it could solve a major headache for government institutions in particular and individuals who have multiple accounts with different banks to be able to monitor constantly, transactions on their accounts just with a click of a button through the internet.

Mr. Tettey also introduced the Identity and Reference Verification product which enables banks to instantly verify the authenticity of various identity cards presented by customers.

“Under the existing situations, banks would take the cards, photocopy and verify them later, a situation that could allow for impersonation.  Some banks currently have a system that enables them to verify voter identity cards but this new product is expected to capture all the national cards,” he said.

Mr. Archie Hesse the Chief Executive of GhIPSS said besides   banks would gain as well as offer their customers enhanced services through the new products.

“The initial investment in acquiring the gh-link platform has been made, and you the banks have also made your investment to connect to the platform, all what we are doing is to introduce as many products as will be useful onto the platform; so that you have several services to generate revenue from that initial investment,” he said.

The GhIPSS CEO explained that the import of the meeting was to introduce the  products and seek the banks’ opinion on whether they have market potentials and if they meet requests of their customers, so that they could be developed and made available to the banks connected to the gh-link platform.  –  David Adadevoh

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