Ghana Interbank Payment and Settlement System (GhIPSS) introduced the system to provide a quicker option for people to get value for their cheques.
Banks now clear cheques electronically, brining the clearing cycle to a maximum of three days compared to the past when it could take up to a week or more.
To make the clearing process faster, a special window has been created whereby the public can request from the banks to clear the cheque by express.
The Chief Executive of GhIPSS, Mr Archie Hesse, told a section of the media in Accra that the cheques to be cleared by Express must be paid in before 11 o’clock in the morning and the account of the payee would be credited from 2 o’clock in the afternoon.
Some people are not enthused about receiving cheques as a form of payment since they might have an immediate need for the money, but with the introduction of the Express Service, Mr Hesse said “cheques are as good as cash” since the account of the payee can be credited in a matter of hours after the cheque is paid in.
Mr Hesse, therefore, encouraged the public to request for Express Clearing of their cheques, if they urgently need the money, adding that it was not expensive.
He also admonished people who issued cheques to ensure that they always had enough money in their accounts as the recipient can request for Express Clearing.
“The days when you issued a cheque and hoped to deposit money later because clearing took al long time are long gone because cheques can clear on the same day,” he emphasised.
The GhIPSS CEO also urged the banks to see the Express Service as a business development tool that could be tailored for various services for their customers which invariably boost their profit.
GhIPSS was set up by the Bank of Ghana in 2007 to improve on the country’s payment systems and has since been introducing services to achieve this objective.
Story: Samuel Doe Ablordeppey