Accra, Sept. 30, GNA - The public has been urged to turn to Ghana Interbank Payment and Settlement Systems (GhIPSS) Instant Pay (GIP) when they have to make quick or emergency payments.
This was in a statement by Mr Archie Hesse, the Chief Executive Officer of GhIPSS, and copied to the Ghana News Agency in Accra.
Mr Hesse said the GIP is the most efficient and secured way to transfer money instantly from one account to another of a different bank.
He said there have been instances where bank customers urgently needed to receive or make payments, but until GIP was introduced, they had to rely on cheques or Automated Clearing House Direct Credit or Direct Debit, which took between a day and three days for the recipient to get value for the transferred funds.
He said the situation has compelled many people to physically go to banking halls to withdraw cash in order to effect such urgent payments.
Mr Hesse explained that the situation would no longer be necessary as the GIP allows for instant interbank transfers to be done electronically.
He said the GIP can be done from the mobile phone or the computer, depending on the channels being offered by the customer’s bank and therefore would not require any physical movement.