It is now possible to pay in a cheque from a different account and get it cleared and credited to the receivers account on the very same day.
This follows the activation of the Express Clearing Session introduced by the Ghana Interbank Payment and Settlement Systems (GhIPSS).
Explaining the Express Session, the Head of Clearing Unit at GhIPSS Akosua Blay, said cheaques presented at the bank before midday can be cleared by 2pm the same day.
She added that this is a premium service and customers who want to enjoy it must be ready to pay for the service. The charge however will vary from bank to bank.
A number of banks are ready to provide these Express Clearing service however it may take some time for others to adjust their systems in order to offer this service.
The express session is also applicable to Direct Credit, implying that one can get value for interbank transfer on the same day.