Payment Distribution System is the way to go – GhIPSS
The Ghana Interbank Payment and Settlement Systems (GhIPSS) has urged firms undertaking large volumes of transactions to avail themselves of technology enabled systems to cut waste and enhance efficiency in payments.
Briefing the media, the General Manager in charge of Project and Business Development at GhIPSS, Mr Archie Hesse, said instead of spending long hours sorting out and distributing volumes of cheques to people scattered around the country, it would be easier and cost effective to transfer such funds electronically.
He said for instance the Payment Distribution System operated by GhIPSS allowed thousands of people located in both urban and remote areas to receive electronic money the moment it was paid without the need to even step out of the office or let alone write cheques.
According to Mr Hesse once the money was transferred through the system recipients could receive them on their biometric card and access it at any commercial, rural bank, or e-zwich point with point of sales device.
He said the Payment Distribution System removed the inconvenience of staff or agents, whose duties involved travelling and might move to an area where their banks did not have a branch network, therefore creating a lot of inconvenience.
“However with the Payment Distribution System, the electronic money can be sent to the person wherever he or she is and the recipient can access the money from any commercial bank, rural banks, Savings and Loans Company and even shops that have the e-zwich point of sales device as well as e-zwich ATMs.
“Technology has come to stay and it is cheap no matter the way you look at it. So if you fail to apply it then your profits would continue to be wiped away by old and inefficient methods of operation,” Mr Hesse said.
He urged the heads of various firms and organisations to shop around for good technology to enhance their efficiency in payments and pledged assistance to firms which might be interested in the system.