Ghana Automated Clearing House

This is a simple, secure and reliable service that enables individuals; large and small organisations COLLECT funds from bank accounts. A Direct Debit is an instruction from a creditor to its bank authorizing it to collect an agreed amount(s) from the bank account of the creditor´s customer so long as the customer has signed a Mandate and has been given advance notice of the collection amount and date.

Direct Debits are debit pull instruments used for recurring payments such as mortgages, utility bills, insurance premiums, loan re-payments, rent, subscription based service payments etc.

Benefits of ACH Direct Debit

• Assurance of payment
• Excellent cash flow benefits from receiving regular payments
• Low cost of administration compared with requesting consumer-initiated payments.
• Improved control over payment timing
• Reduced time spent chasing unpaid or delinquent accounts
• Better accounting efficiency

GACH refers to the Ghana Automated Clearing House. This is the medium used to transfer funds between bank accounts. GACH can be used to handle bulk or single electronic credit and debit of funds and requires no images. There are two types of ACH transfers namely ACH Direct Credit and ACH Direct Debit.

GACH Direct and Credit and Ciredt Debit Clearing Times

This is a simple, secure and reliable service which enables individuals, large and small organisations to make payments by electronic transfer directly into a bank account. It involves a debit to an account in the sender´s bank and a transfer of the amount of money directly into the beneficiary´s account in another bank.

This Credit Push instrument can be used for Payment of salaries, pensions, welfare benefits, commissions, supplier payments, dividend & refunds, interest payments, government payments, business-to-business payments etc. There are 2 forms of ACH Direct Credit services namely;

1. Normal ACH Direct Credit: Used to DISBURSE funds into bank accounts. This could be single or bulk payments. Clients receive funds the next day after the session ends at 4pm.
2. Express ACH Direct Credit: This is a premium service used to DISBURSE funds into bank accounts between 11am and 12pm. Clients receive funds after the session ends at 2pm on the same day. Banks charge a special rate for this service.

BENEFITS OF ACH DIRECT CREDIT

• Prompt receipt of Payments.
• Saves time and effort
• Safer and more secure
• Quicker access to funds
• Allows bulk disbursement of funds