The first automated clearing house files were processed on Wednesday, marking the beginning of another great feat within the financial sector.
The Automated Clearing House or ACH is primarily an electronic funds transfer system and is increasingly becoming the preferred form of funds collection for organisations in developed and emerging economies, a statement from the Ghana Interbank Payment and Settlement Systems (GhIPPS)
said.
ACH is another product of GhIPSS in its quest to modernise the payment system.
It is considered as the paperless option to the processing of cheques and has a low cost per transaction.
With the system, one can instruct his or her bank to make or receive regular or recurring payments just by the click of a button.
Efforts to roll-out the ACH have been on-going for a while and the banks have received adequate training on it to work effectively.