GhIPSS Instant Pay (GIP) is a real time interbank account-to-account credit transfer service. It allows funds to be sent across financial institutions electronically from one bank account to the other as a single immediate payment.
The service is provided by financial Institutions through Internet banking for Corporate Institutions and Mobile banking, Internet banking, ATM and Teller services for individual customers.
GIP can be used by both Businesses & Individuals for payments of goods & services.
a. Collections: GIP is just like cash, but better. It is ideal for business collections because, it does not involve physical cash, yet the payment is instant and the seller or service provider has instant access to funds lodged in their bank account. It facilitates Manufacturer - Distributor / Distributor-Retailer / Retailer-Customer transactions based on the “Cash and Carry" business model.
b. Payments: GIP enables quick and fast payments to government, business partners, suppliers, service providers and individuals. It allows the payer's account to be debited instantly and the recipient's account credited instantly.
GIP is a lifeline to deadline payments!
Payment Options:
Business-to-Business (B2B) – Payment from one business entity to the other
Business-to-person (B2P) - transfer of funds from a business entity to an individual
Person-to-business (P2B) Ad hoc / regular payments from customers to business entities e.g. service provider.
- GIP provides an alternative for businesses to reduce cash holdings and its associated risks
- GIP provides businesses with a viable alternative to cheques for payments and collections
- GIP is an efficient collection option that provides transparency & certainty in payments
- GIP provides unrestricted banking hrs for sending or receiving money 24/7/ all year round
For Collections:
To effectively deploy GIP for collections, a business must:
- Have a system that can generate or assign (Manual or Automated) transaction references/IDs to uniquely tie/link transactions to customers for tracking and reconciliation purposes.
- Inform and educate customers on the preferred mode of receiving payments and the process and inputs for doing so.
- Publish the collection account information to customers
- Liaise with their financial institution for corporate internet banking services for tracking and validating payments or an alert service for the same purpose.
For Payments:
To deploy GIP for payments, a business must:
1) Liaise with their financial institution for Corporate Internet Banking Services
2) Ask for GIP payment option
For enquiries on GhIPSS Instant Pay, Kindly contact your Financial Institution or the Digitized Payments Unit of GhIPSS on 0302-610780. You can also log on to www.ghipss.com for more information about GhIPSS and our service offerings.