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GhIPSS introduces near-real-time bulk payment service

The Ghana Interbank Payments and Settlement Systems (GhIPSS), in collaboration with all banks, has introduced a new service to the existing ACH Direct Credit platform known as ACH DC Near-Real-Time (NRT); that allows Corporate Institutions to make bulk payments faster and almost in real-time.

ACH DC NRT, according to GhIPSS, will enhance the efficiency of making bulk payments such as salaries, dividends etc. by reducing the time to credit accounts from within 4 to 24 hours to 15 minutes; from one source account to multiple accounts in different banks.

BENEFITS OF ACH DC NRT:

• Provides Corporate Institutions with a viable alternative to cheques

• Allows corporate institutions to credit the accounts of beneficiaries on a bulk payments file within 15minutes of presenting payment file to their banks.

• It is an efficient payment option which provides transparency and certainty of payments

• Corporate Institutions have the opportunity to make bulk payments anytime between 6:00 pm the previous day and 3:00 pm the following day

• Because the NRT system allows banks of corporate institutions to re-present returned payment details within the same session, corporate institutions can correct all payment errors for re-presentment without fear of missing payment timelines.

• Allows for deadline payments

ACH DC NRT can be accessed by organisations, through their banks & savings and Loans companies; for the payments of salaries, allowances, pensions, welfare benefits, suppliers and all other bulk payment types.

Commenting on the introduction of this service, Chief Executive of GhIPSS, Archie Hesse said: “Direct Credit NRT is a major addition to the plethora of electronic payment solutions, which will be extremely useful to businesses and other organisations.”

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He encouraged organisations seeking to make faster bulk payments, to use NRT, to ensure that intended recipients receive the money almost immediately.

Atuobi Alex

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