In a bid to enhance accessibility and promote the utilization of Near Real-Time (NRT) Automated Clearing House (ACH) Direct Credit services, the Ghana Interbank Payment and Settlement Systems Limited (GhIPSS) has called upon financial institutions to prominently feature these offerings on their digital platforms.

GhIPSS emphasized the importance of highlighting and appropriately labeling the NRT option on banks’ digital channels. By doing so, it explained that customers can easily identify and familiarize themselves with this efficient payment service, ultimately encouraging its widespread usage.

Traditionally, banks showcase a variety of digital channels on their internet and mobile banking platforms, attracting significant patronage due to their visibility to customers. GhIPSS officials suggested that by incorporating the ACH Direct Credit Near Real-Time option into this roster of payment channels, its utilization can be further boosted.

Meanwhile, Ghana stands out for offering ACH Direct Credit Near Real-Time, positioning itself ahead of many other countries in terms of payment innovation. This service enables businesses to credit beneficiaries’ bank accounts within just fifteen (15) minutes of initiating fund transfers, a remarkable feat compared to the Standard Direct Credit (24 hours) and Express Direct Credit (4 hours) options available elsewhere.

By advocating for banks to prominently display and promote Near Real-Time ACH Direct Credit services, GhIPSS aims to streamline payment processes, enhance financial inclusivity, and propel Ghana’s banking sector into a new era of efficiency and convenience.

Mary Dei Sarpong, Head of Bulk Payments & Customer Support, emphasized that, NRT empowered organisations and individuals to execute bulk payments round the clock, with recipients receiving funds within fifteen (15) minutes— an efficiency that can benefit numerous institutions.

Mrs. Dei Sarpong encouraged banks to actively promote the NRT and attract as many institutions as possible to utilize the service for quick bulk payments.

Ghana’s payment system offers diverse options to cater to varying needs, including instant payment, near real time options, and slower alternatives like third-party cheques, which can take up to two days to clear.

Importance of Banks Making Payment Channels Visible

Mrs. Dei Sarpong stressed the importance for banks to make these payment channels visible on their platforms and devise innovative methods to educate the public about their availability. While GhIPSS does not directly offer these services to the public, it remains committed to raising awareness to assist individuals in selecting the most suitable payment option at any given time.

Near Real-Time (NRT) payment services offer a revolutionary alternative to traditional cash payments, providing a faster and more convenient way to transact with multiple recipients. Unlike cumbersome physical cash transactions, which entail navigating through traffic, carrying large sums of money, and grappling with the complexities of payment reconciliation, NRT payments eliminate these challenges altogether.

One of the most significant advantages of NRT payments is the speed at which transactions can be completed. In a matter of minutes, funds can be transferred directly to recipients’ bank accounts, bypassing the need for time-consuming and risky cash-handling processes. This not only saves valuable time but also enhances security by reducing the exposure to theft or loss associated with carrying physical currency.

For businesses, NRT payments offer a lifeline during hectic periods when urgent payments need to be made to suppliers or vendors. Instead of being bogged down by manual payment processes, business owners can seamlessly initiate transactions while juggling other responsibilities, ensuring that critical payments are made promptly and efficiently.

Similarly, individuals can benefit from NRT payments when faced with the need to settle bills or make payments while on the go. Whether it’s paying for services rendered or reimbursing friends or family, NRT services provide a hassle-free solution that fits seamlessly into busy lifestyles.

Moreover, the convenience of NRT payments extends beyond mere transactional efficiency. By eliminating the need for physical cash, NRT services contribute to a more streamlined and transparent financial ecosystem. Businesses can easily track and reconcile payments, reducing the risk of errors and discrepancies often associated with manual cash transactions.