He said the two services should encourage people to keep their monies at the bank, since they enable money to be moved around in real time and with no stress.

The Instant Pay also known as GhIPSS Instant Pay (GIP) enables a bank customer to transfer money from one bank account to another at a different bank and the money will be instantly credited and given value.

This means the recipient can access the money immediately it is transferred.

The e-bills pay on the other hand enables corporate organisations to receive payments electronically and also be able to access it instantly.

“The two electronic payments services ensure that transfers or payments across different banks are effected instantly and they are intended to boost quick turnaround of business transactions,” Mr Hesse said.

While the GIP is suitable for individual interbank payments, the e-bills pay works for corporate organisations which intend to receive payments from customers electronically and in real time.

Mr. Hesse described the two electronic payment services as important initiatives that made money at the bank better than cash in hand, because it was as accessible as cash in hand and importantly more secured.

He said the GIP and e-bills pay transactions also provided audit trail that enabled parties to a transaction to have proven details of the transaction.

The GhIPSS CEO explained that both payment services were easy to use and encouraged the public to patronise them.

He said delayed payments should no longer be an excuse since there was a payments solution to ensure instant interbank transfers.

GhIPSS was set up by the Bank of Ghana in 2007 to modernise the country’s payment system and migrate Ghana into an electronic payment society.

Since its establishment, GhIPSS has rolled out a number of payment solutions addressing various needs. These services are offered through the banks and other financial services.

Mr Hesse said with the long list of electronic payments services, challenges associated with payments should be a thing of the past.

“We now have several payment options and freedom of choice, so depending on what your needs are, you decide which one to go for,” he indicated.

He explained that “If you need the money to get to the recipient instantly, you have GIP and you have e-bills pay. If you want the money same day but not instantly, you have express ACH and cheque clearing and still have your normal ACH and cheque clearing which could take up to two days, so you choose what suits your circumstance”.

Mr. Hesse urged the public to enquire about these various electronic payment options and make life easier and more convenient for their business and personal transactions.