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Business News of Saturday, 31 October 2015

Source: GNA

GhIPSS embarks on Direct Credit campaign

Chief Executive Officer of GhIPSS, Archie Hesse Chief Executive Officer of GhIPSS, Archie Hesse

The Ghana Interbank Payment and Settlement Systems (GhIPSS) has embarked on public education to encourage more usage of Direct Credit.

This is to ensure that the public experience the benefits associated with the electronic payment system.

Direct Credit is an electronic payment system similar to standing order, where a customer instructs his or her bankers to make recurring payments of a specified amount on a specified date. However unlike the Standing Order, the Direct Credit is done electronically and it is quicker and safer.

Direct Credit is suitable for bulk payments such as salaries, insurance claims, and payment of dividends, while individuals can also use it to pay for mortgages as well as items bought on hire purchase, and other forms of interbank transfers.

Patronage of Direct Credit has been experiencing phenomenal growth since its introduction some four years ago. A number of companies are using it to pay salaries because the process is less cumbersome, while employees have quicker access to their salaries as it allows the employer’s bank to send the salaries to individual worker’s account directly.

The Chief Executive Officer of GhIPSS, Archie Hesse, told the GNA that companies whose employees are still experiencing delays in salaries hitting their accounts are missing out on the Direct Credit experience and urged their management to turn to ACH Direct Credit, which is a safe, secure, efficient and quicker way of making bulk payments.

He also urged companies and individuals who make other forms of recurring payments, to also opt for Direct Credit.

Mr. Hesse said GhIPSS will continue with the education to ensure that the news about the benefits of Direct Credit reached every corner of the country.

He also encouraged the financial institutions to complement their efforts by educating their customers to take advantage of the payment option and enjoy the convenient that comes with it.

He added that the Direct Credit also has express service, which the public can opt for.