Knox Wire was established to create superior, affordable, and reliable transfer services for global financial institutions. Although Swift and Ripplenet have dominated the market, Knox Wire is set to offer advanced services to create opportunities for businesses within its network. Users will be hosted by the systems’ cloud-based solution and use on-demand liquidity to leverage cross-border payments. “Knox Wire was built to set a new global standard for network size and settlement speed,” said Stephen McCullah while launching the system in early 2022. So, what next for this new system?
Global Near-Instant Payment Solution
Various payment services like Swift complete international money transfers within 5days. Knox Wire is more advanced and revolutionized, completing local transfers within seconds and cross-border ones within 24 hours. Of course, it all depends on your location and the institution you transact with. Because of this, business relationships are strengthened, and more opportunities are created for participants within the network.
Besides offering near-instant transactions, this system allows bi-directional messaging that makes all payments transparent. You can also track the transfers in case of any delay. Furthermore, Knox Wire is user-friendly, and users can customize it to match their companies’ needs. The fact that this RTGS (real-time gross settlement) network also features two systems (Knox Quantum and Knoxnet), sets the bar high. No wonder it has managed to sign in thousands of financial institutions within a short period after the launch.
Eligible institutions can transact many currencies, thus creating transparency and trust between the involved parties. Because of this and more, the system is fully embraced across the globe cross-border payments that used to be daunting have now been made easy and quick. Also, there are significant income potentials because of the more opportunities brought about by this new system.
On top of that, its flexibility doesn’t limit any business in the finance industry regardless of size. It features Distributed Ledger Technology (DLT), a protocol that allows the secure performance of decentralized digital databases. Also, Knox Wire partners with various institutions within its network, thus maximizing their income due to reduced exchange rates and transaction costs. Furthermore, there is an option for eligible institutions to use the intermediary currency option, Gold Secured Currency (GSX), to maintain the value of their assets on the network.
Simply put, Knox Wire is based on secure financial messages exchange that allows financial institutions, including banks, brokerage firms, and more, to send and receive money locally and internationally. Furthermore, eligible financial institutions can inquire about various information and verify them in real-time. This has dramatically benefited companies conducting cross-border payments as there are better relationships and a reduction in money laundering.
What Next For Knox Wire?
It’s a no-brainer that Knox Wire has a solid strategy in delivering real-time cross-border transactions to various institutions globally. Swift being its most prominent competitor, followed by Ripplenet, Knox Wire is determined to become one of the leading providers in the finance industry. With many excellent features, it comes as no surprise that thousands of global institutions, including some of the Fortune 500 companies, trust Knox Wire to deliver a better payment experience.
All in all, Knox Wire has the most advanced blockchain technology for global payments. As a result, financial institutions are expanding their reach due to more opportunities. Pre-funding to qualified institutions has also been eliminated through this new technology’s On-Demand Liquidity service. The best thing about using Knox Wire is that it believes in teamwork. Therefore, it collaborates with its clients to build a more inclusive financial system where a diverse group of individuals and SMEs can access improved financial services.