The Ghana Interbank Payment and Settlement Systems (GhIPSS) will on Thursday have a breakfast meeting with banks and businesses to discuss the relevance of its latest initiative, the Instant Pay (GIP).
The event is to create a platform for GhIPSS to interact with stakeholders on GIP and to explain to them its potential as a viable business line for financial institutions and how it can facilitate business transactions for enterprises and companies.
GIP enables customers of banks to transfer money from their accounts to another with a different bank and the recipient will have value for the money instantly.
The initiative is part of efforts by GhIPSS to modernise the country's payment system in line with the cash-lite agenda.
Bank customers can therefore make instant bank transfers from the comfort of their computers and the intended recipient will get that money instantly.
Before the introduction of the interbank instant pay, the earliest possible time for interbank transfers was between 3 to 4 hours for express cheques or Automated Clearing House (ACH).
However, most interbank transfers took between 24 and 72 hours to be effected.
Speaking ahead of the breakfast meeting, the Chief Executive of GhIPSS Mr Archie Hesse said the upcoming engagement will be an opportunity for stakeholders to seek clarification to any issue concerning the GIP and to know how to maximise its benefits.
GhIPSS held a breakfast meeting with financial institutions a couple of years ago when the initiative was being conceived. At that meeting, the banks overwhelmingly endorsed it and called for its introduction.