Archie Hesse
Banks have been urged to give their customers multiple channels to access the GhIPSS Instant Pay (GIP) conveniently.
GIP is an electronic payment system that allows money to be transferred from one bank account to another at a separate bank instantly.
It is the fastest and most convenient way to do interbank transfers.
All the major banks in Ghana now offer GIP but while some offer it through multiple channels, others offer limited choices.
Archie Hesse, Chief Executive of Ghana Interbank Payment and Settlement Systems (GhIPSS), in an interview, urged the banks to allow their customers to access the GIP service through their mobile phones, regular internet banking and any other channels that will bring convenience to them.
He explained that with GIP, bank customers can make and receive payments instantly, regardless of where they are.
The world is fast drifting towards the instant pay technology which fortunately is already live and running in Ghana.
The instant pay allows quick turnaround for businesses, as they can send and receive money instantly, without having to move from their physical location.
As vehicular traffic intensifies due to the yuletide, businesses and individuals can resort to GIP to make and receive payments without having to drive through the heavy traffic, Mr Hesse advised.
He said the GIP can be adapted for several other real time payment solutions.
He indicated that some international remittance agencies were using GIP to remit funds, and the money is paid directly into the bank accounts of the intended recipients.
Mr Hesse urged the banks to consider various solutions that they can developed based on the GIP service to create convenience for their customer.
He said that banks can use GIP to develop a lot more products and use that to attract customers.
At the national level, government is undertaking a number of digitisation projects.
He therefore advised businesses and organisations who are yet to invest in electronic forms to do so before they are taken over by events.