Financial institutions in Ghana have been encouraged to prominently feature ACH Direct Credit Near Real Time (NRT) services on their digital platforms to enhance accessibility for customers. By highlighting and appropriately labelling the NRT option, awareness among customers about this payment service can be raised, ultimately encouraging its utilization.
Typically, banks list various digital channels on their Internet and mobile banking platforms, attracting significant patronage due to their visibility to customers. Officials from the Ghana Interbank Payment and Settlement Systems Limited (GhIPSS) suggest that incorporating the ACH Direct Credit Near Real Time into the roster of payment channels will boost its usage.
Ghana stands out for offering ACH Direct Credit Near Real Time, a payment channel that positions it ahead of many countries. This service enables businesses to credit beneficiaries' bank accounts within fifteen (15) minutes of initiating fund transfers, distinguishing it from the Standard Direct Credit (24 hours) and Express Direct Credit (4 hours) options.
Mary Dei Sarpong, Head of Bulk Payments & Customer Support at GhIPSS, emphasized in an interview that NRT empowers organizations and individuals to execute bulk payments round the clock, with recipients receiving funds within fifteen (15) minutes—an efficiency that can benefit numerous institutions. She encouraged banks to actively promote the NRT and attract as many institutions as possible to utilize the service for quick bulk payments.
Ghana's payment landscape offers diverse options to cater to varying needs, including instant payment, near real-time options, and slower alternatives like third-party cheques, which can take up to two days to clear. Mrs. Dei Sarpong stressed the importance for banks to make these payment channels visible on their platforms and devise innovative methods to educate the public about their availability.
Although GhIPSS does not directly offer these services to the public, it remains committed to raising awareness to assist individuals in selecting the most suitable payment option at any given time.
NRT provides a faster way of paying many people than any physical cash payment can ever achieve. The time-consuming processes of maneuvering through traffic, carrying large sums of money, and facing challenges with payment reconciliation are eliminated with the use of NRT. The service also proves beneficial for businessmen and women, as well as individuals who need to make urgent payments to suppliers while managing other responsibilities.
