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Use Of Automated Clearing House Service Doubles
Posted on: 27-Jul-2012         Source: Daily Graphic
The number of recurrent payments made using the Direct Credit of the Automated Clearing House (ACH) more than doubled from January to June this year, the Ghana Interbank Payment and Settlement System (GhIPSS) has said.

At the beginning of the year, 50,000 payments were made through the ACH Direct credit every month but that figure has shot to 110, 000 every month, indicating that the banking public are realising the benefits of 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 and on a specified date.

However unlike the standing order, the direct credit is done electronically, hence it is quicker and safer.

The Direct Credit was introduced following the establishment of the National Electronic Clearing House three years ago; GhIPSS, as one of the services to deepen and modernise Ghana’s payment system.

The Head of Clearing Unit at GhIPSS, Mrs Akosua Blay, told a section of journalists in Accra that the usage of the ACH Direct Credit had gone up significantly following constant education about the enormous benefit of the payment system.

She added that the institution was, however, working hard to increase patronage to five million.

The Direct Credit is an effective payment system and can also be used for bulk payments such as salaries and dividends. It is also very useful for companies that sell goods on hire purchase as well as mortgage companies.

Explaining the benefits of the Direct Credit, Mrs Blay said it made it possible for huge sums of money to be paid to different recipients within a very short period. She added that it also made payment very simple with a better audit trail.

The ACH Direct Debit also allows service providers to receive tariffs and other recurring payments from their customers.

Companies such as the Electricity Company of Ghana, paid television channels such as DSTV and telecommunication companies which provide postpaid services can use Direct Debit to receive payments from their customers in a more efficient way.

Ghana is the only country that has a national clearing house; a development that is significantly changing the payment system.