Customers can pay with cheques and have it cleared and the accounts credited on the same day under the Express Clearing Session (ECS) and Direct Credit.
It was also possible for interbank transfers to go through on the same day under the Direct Credit system.
The Ghana Interbank Payment and Settlement Systems (GhIPSS), which was set up to improve the country's payment system, has made this possible, following its early promise to enable cheques to clear within a day.
Mrs Akosua Blay, Head of the Clearing Unit at GhIPSS told the GNA, that under the Express Clearing Session, cheques presented at the bank before midday could clear by 1400 hours and the amount credited to the account of the recipient.
She said the interbank transfers made before midday under Direct Credit could also be cleared by the same time and the accounts duly credited.
She explained that the Express Clearing of Cheques would however be available at a fee since it was a premium service.
Mrs Blay noted that the use of cheques became very unpopular in the past, because of the length of time it took to clear them.
"However with the introduction of the electronic clearing of cheques by GhIPSS, the clearing cycle reduced significantly to two days and a couple of hours in the case of the newly introduced Express Sessions," she added.
She said the move to introduce the Express Service was to enable people who urgently needed money to still be able to accept cheque as a form of payment.
The system would also boost customers' confidence in the cheque system.
Mrs Blay, however, explained that though the service was available, the individual banks would have to get their systems ready in order to offer the service to their customers.
She said some banks were ready to provide the service in order to meet the needs of their customers.
With the introduction of the Express Sessions for cheques and Direct Credit, it was anticipated that banks which are ready to provide the service would draw customers away from banks, which may be tardy in providing the service.