GhIPSS introduces Near Real Time Bulk Payments Service

The Ghana Interbank Payments and Settlement Systems (GhIPSS), in collaboration with all banks, has introduced a new service on the existing ACH Direct Credit (DC) platform.
Known as ‘ACH DC Near Real Time (NRT)’, the new product allows corporate institutions to make bulk payments faster and almost in real time.
ACH DC is a secure and reliable bulk payments service, which allows corporate institutions, to make single or batched payments by electronically transferring funds directly into different bank accounts across different banks within Ghana.
The GhIPSS, in a statement copied to the Ghanaian Times, said ACH Direct Credit NRT would enhance the efficiency of making bulk payments such as salaries and dividends by reducing the time to credit accounts from within a day from one source account to multiple accounts in different banks.
The statement said the ACH DC NRT also provided corporate institutions with a viable alternative to cheques and allows them to credit the accounts of beneficiaries on a bulk payment within 15 minutes of presenting payment to their banks.
“It is an efficient payment option which provides transparency and certainty of payments,” the statement said, adding that, “Corporate institutions have the opportunity to make bulk payments anytime between 6p.m. the previous day and 3p.m. the following day.”
The statements said because the ACH DC NRT system allowed bankers of corporate institutions to re-present returned payment details within the same session, corporate institutions could correct all payment errors for re-presentment without fear of missing payment timelines.
“The ACH DC NRT allows for deadline payments,” the statement said, and stressed: “ACH DC NRT can be accessed by organisations through their banks and 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 new service, the Chief Executive Officer of GhIPSS, Archie Hesse, said: “ACH DC NRT is a major addition to the plethora of electronic payment solutions, which will be extremely useful to businesses and other organisations.”
He encouraged organisations seeking to make faster bulk payments to use NRT, to ensure that intended recipients receive the money almost immediately.

BY TIMES REPORTER