Four new products have been proposed for banks to adopt next year on the Gh-Link platform to benefit their customers. The Ghana Interbank Payments & Settlements Systems (GhIPSS), which made the suggestions, said the new products are intended to maximize the payment platform and provide convenient banking to customers.
They include Instant Bank Transfer, Instant Bill Payment, Multiple Account Enquiry and Identity and Reference Verification. The electronic based payment options will be available to all banks if they are connected to Gh-Link platform provided by Ghana Interbank Payment and Settlement Systems (GhIPSS).
This was disclosed by the Head of Projects at GhIPSS, Kweku Tettey at a breakfast meeting with banks in Accra. According to Mr. Tettey, the Instant Bank Transfer will involve transfer from one bank account to another which will take immediate effect.
Currently, transfers from one bank account to the other take not less than three hours even under express transactions through a system known as Direct Credit under the Automated Clearing House (ACH). It takes 24 hours if it is not under express transaction.
But with the new product that GhIPSS is proposing to the banks, a customer can request a transfer and it will hit the account of the recipient instantly. Such a payment system will come in handy for businesses who want a quick and safe way of making or receiving payments.
The Instant Bill Payment will enable bank customers to instruct their bankers to pay their bills on their behalf. The deduction will hit the account of the billing company instantly. This service will be useful for utility companies and other service providers who want to improve on their revenue collections.
Another product christened Multiple Account Enquiry will enable their clients who have multiple accounts with different banks to check all the balances on the various accounts through internet banking.
This product could resolve a major headache for government institutions in particular and individuals who have multiple accounts with different banks to be able to monitor constantly transactions on their accounts just with a click of a button through the internet.
Mr. Tettey also introduced the Identity and Reference Verification product which enables banks to instantly verify the authenticity of various identity cards presented by customers. Currently, banks take the cards, photocopy and verify them later, a situation that could allow for impersonation.
But this new product is expected to capture all the national cards. Speaking at the Breakfast Meeting, the Chief Executive of GhIPSS, Archie Hesse said the products will enhance services provided to customers and ensure maximum use of the Gh-Link platform.
“The initial investment in acquiring the Gh-Link platform has been made, and you the banks have also made your investment to connect to the platform, all what we are doing is to introduce as many products as will be useful onto the platform so that you have several services to generate revenue from that initial investment,” Mr. Hesse told the banks.
The GhIPSS CEO explained that the meeting was geared towards introducing the products and seeking the banks’ opinion. Representatives of banks at the meeting found the products very useful and made suggestions.
They are expected to discuss them with their individual management and provide feedback to GhIPSS. Some of these products already exist in Nigeria and other countries. The Chief Executive of the Nigerian Inter-Bank Settlement System (NIBSS), the equivalent of GhIPSS, Fola Shodun Shonubi, shared his experience with the Ghanaian bankers.
He also urged the banks to see Gh-Link as an important infrastructure that can be used to achieve a lot and urged the banks to exploit the endless possibilities that payment systems provide in order to improve their revenue positions, as well as serve their customers better.
