About 18 of the country’s banks are now able to offer the Instant Pay (GIP) service to their customers, and double the number that could do so in August this year.
This implies that more customers can send money from their bank account to the account of the recipient instantly.
Archie Hesse, Chief Executive, Ghana Interbank Payment and Settlement Systems (GhIPSS) speaking in an interview said the Instant Pay was currently the preferred electronic form of payment globally with most of the advanced countries using the payment system for multiple banking services.
He said although, the main intent of the service was instant interbank transfers, the underlying infrastructure enables banks to launch game-changing products and services that provide real customer value and position the banks at the centre of the payment process.
Mr. Hesse said that banks could use their ingenuity to weave several services around the Instant Pay.
He hinted that some financial institutions were already in the process of developing new services facilitated by the Instant Pay.
He said with most of the bigger banks now fully hooked on, it was anticipated that Instant Pay would be the order of the day in 2017.
The GhIPSS CEO commended the banks for coming on board and said his institution would work closely with them to embark on public education.
He however, encouraged the banks to identify the numerous opportunities inherent in the payment system and exploit them to their benefit and that of their customers.
Mr. Hesse also urged the public to freely enquire about the service from their bankers. He however added that the doors of GhIPSS were opened to any one or institution who wants to learn more about it.
This payment service compares favourably to a cheque or automated clearing house (ACH) which may take two days to clear or some hours in the case of express service.
The Instant Pay is another payment system introduced by the Ghana Interbank Payment and Settlement Systems (GhIPSS), which enables an individual or organisation to transfer funds from one account to the other and the transfer will be effected instantly. Set up by the Bank of Ghana, GhIPSS has a mandate to promote electronic payments in Ghana.
By David Adadevoh