afrol News, 6 July - Ghanaian bankers' dream to introduce an electronic platform for interbanking services would soon be realized, as the country’s Central Bank is collaborating with the Ghana Association of Bankers to establish the system before the year ends.

Dubbed Ghana Interbank Payment and Settlement System (GIPSS), the system would enable banks to transact business among themselves with the help of an automated system.

GIPSS will eradicate the disturbing trend representatives of the country’s commercial banks have been enduring. They meet every morning to clear cheques and settle transactions manually.

Besides, banks are given three days to clear cheques but this too become too heavy on them.

Bankers described the system as time consuming, costly and labour intensive.

Central Bank has assured the independence of GIPSS whose main task has to do with managing the diverse components of the country’s payment and settlement system infrastructure. The body should clear cheques, truncate cold line cheques as well as serves as an automated clearing house.

By staff writer

© afrol News

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