Archie Hesse
The Ghana Interbank Payment and Settlement and Systems (GhIPSS) recently engaged finance directors of major companies to explain the workings and benefits of the GhIPSS Instant Pay (GIP).
The move formed part of efforts to increase public awareness about GIP.
According to Archie Hesse, CEO of GhIPSS, currently over 80 percent of banks, mainly the major ones, had integrated their systems with the GIP platform, adding that the pay service is offered through different channels.
Most banks also offer GIP through their internet banking platform, mobile Apps, as well as Automated Teller Machines (ATMs).
It can also be offered through point of sale devices.
He said GIP is a real-time interbank payment platform that enables money to be transferred immediately from one bank account to another.
It also serves as a payment platform for companies and individuals who need to make instant payments without physically moving to the recipients.
Mr Hesse revealed that a number of Fintech companies, as well as savings and loans companies, had also integrated with the GIP and offering instant pay services to their clients.
ARB Apex Bank, on the other hand, was in the process of integrating with GIP, which would pave way for rural and community banks to also offer GIP services.
General Manager, Business Development at GhIPSS, Clara Arthur, in a remark, explained that GIP is as good as cash but even more secured.
The finance directors at the engagement admitted that cheques continue to be the dominant modes of payment but said they encountered a number of challenges using these, including dishonoured cheques, delays in confirming payments and double debiting of accounts.
Responding to their concerns, Head of Digitized Payments at GhIPSS, Akosua Blay, said they must explore other payment channels such as GIP to address their challenges.
She said though electronic clearing of cheques is one of GhIPSS products, GIP is being promoted as a better alternative for fast payments, stressing “we need to migrate customers away from cheques.”
Officials of some banks also demonstrated a live transfer of funds through GIP and explained its usefulness to the operations of companies.
They also urged the companies and customers to use GIP because it’s convenient and instant.
“GhIPSS intends to engage other stakeholders to drive home the importance and benefits of GIP.”
By Samuel Boadi