GhIPSS enables same-day cheque clearing

The Express Clearing of Cheques would, however, be available at a fee since it was a premium service, Mrs Blay stressed.

The use of cheques became very unpopular in the past because of the length of time it took to clear them and the tendency of some persons and entities dishonouring them.

However, with the introduction of the electronic system of cheque clearing, the clearing cycle reduced significantly to two days, With the introduction of the Express Sessions, cheques now clear in a matter of two hours.

The move to introduce the Express Service is to enable people who urgently need money to still be able to accept cheques as a form of payment.

The system will also boost customers’ confidence in the cheque system.

Mrs Blay explained, that though the service had gone live and available, the individual banks would have to get their systems abreast in order to offer the service to their customers.

She said some banks were ready to provide the service in order to meet the needs of their customers.

With the introduction of the Express Sessions for cheques and Direct Credit, it is anticipated that banks which are ready to provide the service will draw customers away from banks which may be tardy in providing the service. GB