Knox Wire announced a new wire transfer solution that serves financial institutions in over 200 countries. Furthermore, users can engage in transactions in almost 150 different currencies. This innovative service should rival already established brands in the financial industry, like RippleNet and Swift.
This article discusses the latest financial solutions from Knox Wire, an emerging RTGS (real-time gross settlement system) service. Read on to discover how it works and the many benefits it brings!
What is Knox Wire?
Knox Wire is a revolutionary financial provider offering a quick and cost-effective gross settlement in real-time. Also, it offers a high-performance wire transfer system that uses financial messaging to make transactions faster and cheaper.
Currently, the financial sector is under the influence of two major companies, RippleNet and Swift. However, their users often complain about paying too much for everyday services. Also, most transfers are slow and tricky, while onboarding them is time-consuming and expensive for many institutions.
Knox Wire seeks to change the landscape in the market by providing new and better solutions. Its services offer more quality for a smaller price. Furthermore, they have a farther reach and give the users more currency alternatives.
The Knox Wire CEO, Stephen McCullah, believes the service could revolutionize the current system and disrupt the two brands’ oligopoly. For instance, Knox Wire can link more than 30,000 banks and financial institutions from over 200 countries worldwide.
Fast Development and Quick Onboarding
Knox Wire is one of the newcomers in this financial market sector. However, it is the only one developing fast enough to catch the eye of investors, financial providers, and everyday users. So far, Knox Wire has teamed up with over a dozen banking and financial organizations. Furthermore, it consistently invests in its development to soon reach the market’s apex.
One of the leading factors for its quick adoption is the simple way in which other financial institutions can onboard it. For instance, Knox Wire does not charge upfront fees. Also, it does not require special hardware or lengthy employee training. This means that any financial provider, big or small, can implement this solution in less than two weeks.
How Knox Wire Works
One of the most exciting Knox Wire features is its cross-border interbank settlements support. This system uses an innovative dual payment solution that completes transactions almost instantly. In fact, it takes less than two seconds to complete a transfer. This is much faster than any other service can provide.
Also, Knox Wire employs financial messaging to reduce the waiting time before finalizing transactions. This way, it enhances communication speed between financial organizations operating from different parts of the world.
Knox Wire uses some of the latest technological advances to support these high-end operations. For instance, it uses decentralized ledgers, side integrations, and API services. This way, it ensures that financial institutions can send, receive, inquire, and validate information and transactions in real-time.
How Knox Wire Benefits Users
We already mentioned that Knox Wire allows cross-border payments to 200 countries in nearly 150 currencies. But that’s not the only exceptional benefit of using this service. For example, participant institutions enjoy 24-hour customer support. This means that they can instantly receive a helpful solution if they ever encounter a problem.
Additionally, users benefit from low transaction costs and real-time payments to other participating organizations.
Lastly, all operations occur on a highly secure and encrypted infrastructure. Therefore, all the capital exchanging hands virtually is always 100% safe.