Instant Pay makes transferring money easy
About 18 of the country’s banks are now able to offer Instant Pay (GIP) service to their customers, more than double the number that could do so in August this year.
This means that more customers can send money from their bank account to the recipient’s account instantly.
This payment service compares favorably with a check or an automated clearing house (ACH) which can take two days to clear or a few hours in the case of an express service.
Instant payment is another payment system introduced by the Ghana Interbank Payment and Settlement Systems (GhIPSS), which allows an individual or organization to transfer funds from one account to another and the transfer will be completed. instantly.
Created by the Bank of Ghana, GhIPSS has a mandate to promote electronic payments in Ghana.
GhIPSS Managing Director Archie Hesse said in an interview that while the primary focus of the service is instant interbank transfers, the underlying infrastructure enables banks to launch revolutionary products and services that deliver real customer value and position banks at the center of the payment process
He said Instant Pay is currently the preferred electronic payment method in the world, with most advanced countries using the payment system for multiple banking services.
Mr Hesse said banks could use their ingenuity to weave several services around Instant Pay, saying more services could be built around that service.
He suggested that some financial institutions were already developing new services facilitated by Instant Pay.
Banks had to interface their system with GhIPSS to provide the service and it took some time for some institutions.
But with most of the big banks now totally addicted, Hesse predicts Instant Pay will be the order of the day in 2017.
Currently, banks face stiff competition from telecom operators offering mobile money services, but analysts say Instant Pay, which also offers real-time transfers and can be done via a phone. mobile or a computer, could be a game-changer for banks.
The CEO of GhIPSS congratulated the banks on joining and said his institution would work closely with them to get started in educating the public.
He encouraged banks to identify the many opportunities inherent in the payment system and to exploit them to their advantage and that of their customers.
Mr Hesse also urged the public to freely inquire about the service from their bankers, adding that the doors to GhIPSS are open to anyone or institution wanting to learn more.