Three banks begin integration of their systems to the national switch

Accra, Feb. 28, GNA -The process of integrating the switches and Automated Teller Machines (ATM) to the national switch has started with three banks.

The banks are Zenith, Prudential and Cal Bank, which are using the NCR ATMs and position switches, which have since been ready for the integration.

The management of the Ghana Interbank Payment and Settlement Systems (GhIPSS) said the integration process meant that very soon customers of the three banks would be able to use each other's ATM to access their bank accounts.

The Chief Executive of GhIPSS, Fred France, said the company was working assiduously to ensure the operability of banks this year to make banking more convenient to the public.

The interoperability will ensure easy banking, a move that could potentially attract the unbanked population to start using the banking system.

Analysts have argued that high operational costs of banks are partly to blame for the high interest rate regimes in Ghana.

These operational costs include siting of as many ATMs as possible to create convenience for bank customers.

“However, once it becomes possible for bank customers to use ATMs of other banks, it will no longer be necessary for each bank to site as many ATMs as possible to achieve that convenience,” Mr France said.

“Additionally, when it becomes possible to use the ATM cards to shop, then banks can use Point of Sales devices to create branchless banking outlets to avoid the huge cost in operating a bank branch or an offsite ATM,” he added.

GhIPSS has set out to achieve full interoperability this year and it is so far on course to achieve this goal which could change the face of the financial sector in Ghana.

Meanwhile, suppliers of Automated Teller Machines (ATM) and bank switches have resolved to ensure the speedy integration of their systems into the national switch.

General Manager in charge of Project and Business Development, GhIPSS, Mr Archie Hesse, said the various providers were determined to complete the processes to ensure that their systems were ready within the next two months.

GNA