Knox Wire, a fintech company with a global reach, is challenging the current concept of cross-border payments. After observing the industry’s steady deterioration, this platform has designed a revolutionary solution. Its new service creates an international network where over 30,000 banks and financial providers engage in near-instant transactions.
Knox Wire brings speed, efficiency, and never-before-seen security standards to this financial sector. But does it have what it takes to challenge the establishment? Let’s find out.
What is the Knox Wire Technology?
Knox Wire is a unique Global RTGS (real-time gross settlement) and wire transfer system. You may picture it as a global mesh stretching across 200 countries worldwide. In this network, almost any financial institution can engage in international payments and settlements. Furthermore, they can do so in nearly 150 different currencies.
Knox Wire uses a dual payment system that completes cross-border interbank transfers in less than two seconds. Also, it helps finalize settlements within the same day. This speed and efficiency are rare in the industry, but Knox Wire obtains them by successfully combining these modern technologies:
- Distributed ledger technology (DLT) on the Apollo blockchain
- An intermediary currency option, GSX or Gold Secured Currency
- A bi-directional financial messaging system
- A highly secure encrypted infrastructure
- API services
- Side integrations
The Knox Wire CEO, Stephen McCullah, believes that this platform can usher in a new era for cross-border payments. Furthermore, Knox Wire should soon compete head-to-head with industry greats, such as Swift and RippleNet.
What Are the Knox Wire Main Benefits?
To reach the peak of the cross-border payment sector, Knox Wire has to offer better advantages than its main competitors. Fortunately, this network does not lack exponential benefits, such as low transaction costs and 24-hour customer support.
Furthermore, it has the technological framework to enable international payments to 200 countries. Financial institutions like banks, credit unions, loan associations, investment companies, brokerage firms, insurance, and mortgage companies can use it effectively. Above all, they can witness real-time settlements as long as they participate in the Knox Wire Network.
Lastly, Knox Wire provides financial organizations with a significant income opportunity through premium services. The company’s research has proven that 9 out of 10 users will pay for near-instant cross-border payments. By monetizing this option, institutions can earn up to 0.5% from each transaction.
Onboarding Knox Wire vs. Implementing the Competition
Knox Wire is taking on more established industry brands, such as RippleNet and Swift. However, it comes with a much more attractive service offer than any other industry player.
For example, Knox Wire does not charge any upfront fees to qualifying financial institutions. Conversely, Swift taxes financial providers $30,000 upfront and between $6,000 and $12,000 in monthly payments.
Additionally, Knox Wire has a quick and user-friendly onboarding process that lasts at most fourteen days. The banking institution does not have to waste money on expensive hardware equipment during this period. On the other hand, Swift demands that collaborators invest in hardware and special IT personnel. Furthermore, its implementation process can last for as much as one year.
Although it has only recently surfaced in the market, Knox Wire is already making waves. Soon, we should hear more about its progress. For more information about this service, please follow the links below:| Website | Twitter | Facebook|