Accra, Aug. 29, GNA
– Officials of the Ghana Interbank Payment and Settlement Systems (GhIPSS) have
held a day’s engagement with finance directors of major companies to explain
the workings and benefits of GhIPSS Instant Pay (GIP).
The move is part of
efforts to increase public awareness about the GIP.
The GIP is a real
time interbank payment platform that enables money to be transferred
immediately from one bank account to another. It serves as a payment platform
for companies and individuals who need to make instant payments without the
need to move physically to the recipient.
Currently over 80
per cent of banks mainly the major ones have integrated their system with the
GIP platform. The instant pay service is offered through different channels.
Most of the banks offer GIP through their internet banking platform, mobile
Apps, as well as automated teller machines (ATMs).
The GIP can also be
offered through Point of Sales devices. A number of Fintech companies as well
as savings and loans companies have also integrated with the GIP and offering
instant pay services to their clients.
The ARB Apex bank on
the other hand is in the process of integrating with GIP, which will pave way
for rural and community banks to also offer GIP services.
Speaking to the
participants, the General Manager, Business Development at GhIPSS, Clara Arthur
touched on the benefits of GIP, especially for companies who want their clients
to make payments to them instantly.
She explained that
GIP was as good as cash but even more secured.
The finance
directors at the engagement admitted that cheques continue to be the dominant
mode of payment but said they encountered a number of challenges using them,
including dishonoured cheques, delays in confirming payments and double
debiting of accounts.
Responding to their
concerns, the Head of Digitized Payments at GhIPSS, Akosua Blay, said the
challenges they face give reasons for them to explore other payment channels
such as GIP.
She said though
electronic clearing of cheques was one of GhIPSS products, GIP was being
promoted as a better alternative for fast payments, stressing that “we need to
migrate customers away from cheques”.
Officials of some
banks, who were also invited to the programme, explained how the GIP is offered
to their customers.
They demonstrated a
live transfer of funds through GIP and explained how useful it is to the
operations of companies. They also urged the companies to use GIP as well as
encourage their customers to also use it because it is convenient and instant.
The GhIPSS plans to
engage with other stakeholders to drive home the importance and benefits of
GIP.
GNA