Knox Wire is a new RTGS (real-time gross settlement) and wire transfer system with a different approach than its competitors. While most financial platforms, like RippleNet and Swift, use a redundant centralized system, Knox Wire has chosen the decentralization path. To this end, it uses state-of-the-art technology to make cross-border payments to a whole new level.
Knox Wire promises quicker, cheaper, and more efficient international transactions. Furthermore, it uses public ledger infrastructure to ensure maximum security for all participating institutions.
The Knox Wire CEO, Stephen McCullah, believes the platform is spearheading a financial revolution regarding service and costs. Let’s find out what this new fintech company is all about!
How Knox Wire Will Change Cross-Border Payments
Knox Wire is a fintech network that spreads globally to connect over 30,000 financial providers from 200 countries. In this rapidly growing ecosystem, Knox Wire supports operations between banks, brokers, government-linked agencies, and more. Moreover, the platform uses a unique settlement system to make these transfers of assets and information seamless.
Knox Wire uses a bi-directional messaging system to enable active financial institutions to exchange messages. Simultaneously, it links any two users through their banking institutions to engage in quick and safe transactions.
Knox Wire makes sure that cross-border transactions occur quickly and efficiently between international banks. This way, institutions worldwide can count on this platform offering convenient services to their clients.
Developing Trustworthy Services
Knox Wire consists of a team of financial experts and industry professionals. Furthermore, some of its members have worked in prestigious Fortune 500 companies. They have several years of experience in the field and use it to constantly improve this platform.
Using distributed ledger technology ensures that all Knox Wire services are secure and transparent. This way, users do not risk exposure to fraud, hacking, and other cybercrimes. On the contrary, they can rely on the Knox Wire specialists to guide them into making better financial decisions. The platform’s expert customer service support system is available 24/7 and 365 days a year.
Knox Wire’s Far-Reaching Benefits
Knox Wire is new in this sector and faces stiff competition from established brands like RippleNet and Swift. However, the platform has a few technological innovations that will help it surpass its competitors.
Firstly, Knox Wire is available in almost every country in the world. As of now, citizens of 200 countries worldwide can use it through their financial service providers. Also, users can engage in transfers and payments in nearly 150 different currencies.
Knox Wire has some of the lowest transaction costs in the industry. Additionally, it does not charge qualifying institutions any upfront integration fees. For instance, Swift forces any organization onboarding it to pay an initial $30,000 tax. Then, it asks for monthly payments between $6,000 and $12,000
Lastly, onboarding Knox Wire is simple and quick. Organizations do not need to invest in special hardware equipment or training programs for employees. Instead, the implementation process lasts for less than two weeks, and participants can start using it right away afterward.
It is safe to say that Knox Wire is leading the financial transactions sector into a new era, that of decentralization. The future promises more security, faster transfers, and fewer costs for the participants. Most importantly, Knox Wire will be there to deliver all these benefits.