Ghana Interbank Payment and Settlement System To Introduce Four New Products

Ghana Interbank Payment and Settlement Systems (GhIPSS) plans to introduce four new products on the gh-link platform next year, officials have said.

The products are intended to maximise the payment platform and provide better and convenient banking to customers.

The proposed products are Instant Bank Transfer, Instant Bill Payment, Multiple Account Enquiry and Identity and Reference Verification.

The Head of Projects at GhIPSS, Mr Kweku Tettey, said the electronic based payment options would be available to all banks so long as they were connected to the gh-link platform.

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

Currently, transfers from one bank account to the other will take not less than 3 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, will enable bank customers to instruct their bankers to pay their bills on their behalf and the deduction done would hit the account of the billing company instantly.

This service will 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 with multiple accounts at different banks to be able to check all the balances on the various accounts through internet banking.

The Multiple Account Enquiry 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 said the Identity and Reference Verification product enable banks to instantly verify the authenticity of various identity cards presented by customers.

All the four products are added services, enabled by the gh-link, which interconnects all the banks in the country.

The Chief Executive of GhIPSS, Mr Archie Hesse said besides the enhanced services that banks would offer customers through these new products; it would also amount to maximum use of the gh-link platform.

“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 that 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”, Mr Hesse said.