The Ghana Interbank Payment and Settlements Systems (GhIPSS) has assured customers of adequate security of the Instant Pay service.

According to the inter-bank infrastructure provider, the platform which allows bank account holders to transfer money from their accounts to other accounts instantly regardless of the bank meets international best practices.

Speaking with Joy Business at a stakeholder meeting with banks, telcos and other players in the financial sector towards full implementation Chief Executive Officer, Archie Hesse said banks should continuously improve the system to avert fraud.

"The security features we have is consistent with best practice depending on the channel we use, you realize that in order to access it you must o so through your bank's internet portal," Mr Hesse said. 

He explained that the bank would have given their clients some security features before they allow clients to latch onto it adding that the security he referred to is the customer's bank's security. 

"In terms of transmission, it is between the sending banks, GhIPSS and the receiving banks. That section which is applicable to us failry hardened and secured," he said. 

He disclosed that most of the fraud comes from the cheques environment. 

Nine banks have so far signed onto the system. These banks are Zenith Bank, Capital Bank, UBA, Royal Bank, Standard Chartered Bank Cal Bank, Energy Bank, UMB and Agricultural Development Bank.

Meanwhile, the Central Bank has given universal commercial banks in the country a December 31, 2016, deadline to fully implement the Ghana Instant Pay – GIP system or face sanctions.

It follows the deferment of an initial 31st August 2016 deadline.