GhIPSS Instant Pay (GIP) is a service on the gh-link Platform which allows payments to be sent across financial institutions electronically from one bank account to the other as a single immediate payment.

With GIP, customers of banks can transfer money from their bank accounts to accounts of beneficiaries in other banks instantly. GIP guarantees real time payment.

HOW DOES GIP WORK?

• A Customer of Bank A (Source Bank) initiates a transfer request with amount & beneficiary account details (Bank A debits customer and sends name enquiry request to GhIPSS)
• GhIPSS forwards request to the recipient's bank (Destination Bank -Bank B)
• Recipient's Bank returns Name of recipient account details.
• GhIPSS forwards account name to source bank (Bank A)
• Source bank (Bank A) sends credit transfer request to GhIPSS
• Recipient's Bank (Bank B) applies credit immediately to recipient's account and sends confirmation to GhIPSS
• GhIPSS forwards confirmation to Source Bank (Bank A)
• At End of Day, GhIPSS sends net settlement positions to Bank of Ghana
• Settlement reports are sent to both Source and Destination Banks

FEATURES OF THE GIP

• Transfer is from account in one bank to an account in another bank (Interbank)
• Funds are applied immediately to beneficiary account
• Payments are processed based on account numbers
• To be used for payments made within Ghana in Ghana Cedi
• 24hr availability (day & night) x 365 days a year

GIP TRANSACTION CHANNELS
Internet Banking Platforms: This is basically the principal source of transactions. Customers who want to use this service would have to sign onto their banks Internet Banking platform. However, Banks may decide to complement their Internet Banking Platforms with these other Sources:

1. Teller Interface (Bank Branch): This will facilitate transfers by walk-in customers in bank branches
2. ATM
3. USSD
4. Mobile Application
   NB: Ask your bank about their available Channels

USES OF GIP

1. » Business-to-business payments (just-in-time supplier payments)
2. » Person-to-person fund transfers (person-to-person reimbursements, remittances)
3. » Business-to-person payments
4. » Person-to-business payments (emergency bill /fee /utility payment)
5. » Person-to-Government Payments
6. » Government-to-Government Payments