The Ghana Interbank Payment and Settlement Systems (GhIPSS) is planning to launch a new electronic payment system for instant interbank funds transfer through mobile devices as well as Internet platforms.
The new gh-link Instant is an interbank switching and processing system which interconnects switches of financial institutions and systems of third party institutions to enable them use a common platform for interbank transactions.
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Earlier, the interbank transfer of funds took three hours even under express transactions through a system known as Direct Credit, under the Automated Clearing House (ACH).
GhIPSS CEO, Archie Hesse, said: "We are coming out with a development such that will allow interbank payment to be made instantly. It will be available to all banks that are connected to the gh-link system."
"One added benefit that will come with the instant pay system is the supply-chain system that we refer to as the e-Bills pay. It is appropriate for wholesalers who are required to make payments before dispatch is done. We are also in talks with some wholesalers to sign them onto the platform. This system has been tried by our counterparts in Nigeria and it’s working very well."
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By GlobalData
