Accra, Aug. 9, GNA - The Ghana Inter-Bank Payments and Settlements System (GhIPSS) announced on Tuesday that its Direct Debit Scheme (DDS), a platform that allows an organisation to receive regular payments from its clients, is operational. The roll-out of the DDS, which is under the Ghana Automated Clearing House (GACH), means that the full complement of the GACH services, which include the Direct Credit Scheme, are available for the public and service providers to access. Announcing this to journalists in Accra, Mr Fred France, Chief Executive Officer of GhIPSS, explained that the DDS process begins with an organisation or service provider, which normally receives recurring payments, applying in writing to its bankers to be part of this scheme.

Mr France said the bank, upon receipt of the application, would assess the company's risk profile before accepting the request, adding that once the bank is satisfied with the company's profile, it would write formally to GhIPSS, indicating its intention to operate the DDS for the company.

He said the company, initiating the scheme, would then be required to sign an indemnity form, which would be sent to GhIPSS through its bank for GhIPSS to provide a reference number for the initiating company known as the Originator's Identification Number (OIN). Mr France explained that the process is simple, adding that much of the work would be done by the banks. He mentioned the Electricity Company of Ghana, the Ghana Water Company, mortgage or home finance companies, hire-purchase firms, insurance companies, telecommunication companies for their post-paid customers and pay television channels, as some of the companies that the DDS targeted.

He also stated that the DDS could be used for regular fixed payments and even regular payments that varied. Asked why the company receiving payment must sign an indemnity form, Mr France explained that it was to empower the service provider's bank to return any payment, in case the customer of the service provider demanded a refund. He said it also served as an indemnity for the bank from any liability if it refunded the money to the customer upon request, adding that the provision was also to protect the customer in the event of overpayments.

Mr France said the DDS would minimize default by customers to their service providers. He urged companies that received regular payments to contact GhIPSS for more education on the DDS, which had the potential to make their operations more efficient.