The Ghana Interbank Payment & Settlement Systems (GhIPSS) is working hard to register five million payments through its system this year, Akosua Blay, Head of Clearing Unit at GhIPSS, has noted.
The beginning of the year saw 50,000 payments recorded through the Automated Clearing House (ACH) direct credit, but that figure quickly shot up to 110,000 in the ensuring months.
Thus, the number of recurrent payments made using the direct credit has more than doubled from January to June, this year. The direct debit allows service providers to receive tariffs as well as other recurring payments from customers.
Benefits to companies include receipt of regular payments from their customers to allow customers to make their payments electronically through the banking system.
Unlike the standing order, the direct credit is done electronically and it is quicker and safer.
The direct credit was introduced following the establishment of the National Electronic Clearing House about three years ago by Ghana Interbank Payment and Settlement Systems (GhIPSS). It is one of the services introduced by GhIPSS to enhance the country’s payment system in line with modern trends.
Additionally, it can be used for bulk payments such as salaries and dividends and sale of goods on hire purchase. In addition to simplifying payments, it provides a better audit trail.
Utility companies stand a better chance of receiving payments in a more efficient manner if they patronize the direct debit.
From the business desk