The Ghana Interbank Payment and Settlement Systems (GhIPSS) has been targetting the heads of operations and business development managers of banks to prepare them for the emerging payment systems in the country. Ghana’s payment system is quickly moving toward the era of a shorter clearing cycle and a lot of flexible and convenient payment options for customers.
This means that banks will have to transact their businesses along the lines of these emerging trends and find innovative ways of retaining customers’ deposits and other funds for a period long enough to do business.
The Chief Executive of GhIPSS, Archie Hesse, said it will not be business as usual for banks as more and more electronic enhanced payment systems are implemented. He explained that banks will need to work around the emerging trend and generate new business propositions to take advantage of the new order and avoid becoming stale.
GhIPSS has been engaging Heads of Operations and Business Development Managers of banks, not only to inform them of the new payment systems but also to urge them to begin considering the development of business models that will succeed under the emerging payment systems.
Various payments reforms have been taking place which are ensuring that bank customers have quicker access to their funds.
This has occurred through the electronic clearing of cheques which has reduced the clearing period for cheques issued outside Accra from one week to two days, and between three to four days for cheques issued in Accra. This clearing time will be reduced further as GhIPSS seeks to introduce emergency clearing shortly.
Another major reform is the introduction of both direct debit and direct credit of Automated Clearing House system, which also ensures that bulk-sums of money are transferred at the interbank level in real-time.
Volumes of funds are also transferred with a click of mouse through the e-zwich payment distribution system.
The latest major feat is the gh-link platform, which has enabled customers of banks to use their local ATM cards in outlets other than those of their own banks. This latest development, which continues to be rolled-out until all the 27 banks are roped in, means that bank customers will not need to move long distances to access their accounts.
These developments will encourage the public to save their monies at the banks since they will have easier access to them as and when they desire, but it also poses a challenge to the banks.
While banks have in the past had longer access to customers’ funds because of longer clearing processes, this situation is giving way to a situation where interbank transactions will even take place within a day.
Other players are also introducing mobile banking products that will enable people to access bank accounts with their mobile phones.
These exciting developments, Mr. Hesse explained, challenges the banks to keep pace with the times. He said they also present countless opportunities, adding that GhIPSS will continue to work with banks to encourage them to exploit the opportunities inherent in these reforms.
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