Knox Wire was recently launched to facilitate instantaneous cross-border payment settlements. Since its unveiling on January 22, it stands as the third wire transfer network globally, besides Swift and Ripple. Likewise, the new platform is here to compete with the aforementioned platforms by offering more convenience for its users.
The platform defines its system as a real-time gross settlement system and wire transfer platform, leveraging financial messaging to execute its functions. Eligible banks and financial institutions can integrate the Knox Wire system to provide its customers with sending, receiving, inquiring, and verifications services.
As such, Knox Wire users will enjoy these services across 30 000 financial institutions and utilising over 150 currencies. Furthermore, it assures its high-level architecture users to prevent discrepancies by authenticating every information and transaction cost.
Making the Most of International Transfers
The Knox Wire system was built by utilising world-class distributed ledger technology while further integrating artificial intelligence to facilitate its efficiency. It facilitates security, information authentication, and information storage on the network.
It believes in the combined effort of its team to create the global settlement network through extensive experience in the development and finance sectors. Also, it holds professionalism throughout its interactions with institutions, hoping to revolutionise financial systems through innovation. The endgame is to benefit users, institutions, and eventually, governments.
The onboarding process for financial institutions is straightforward, involving the beginning of an agreement with the platform. The institution will sign a contract with the settlement network and set all favourable employees by creating accounts on the Knox Wire system.
Then, the network will provide AI integrations alongside its API parameters to support all the processes. The platform will adjust both parameters depending on the financial institution’s needs. Meanwhile, it will also be installing a bank module while other activities progress. It will test the integrations to ensure everything is running smoothly before kick-off.
Whether the institution wishes to be a depository system or not determines if there will be a guaranteed cost paid to a corresponding bank. If not, the institution can immediately utilize the ecosystem for remittances globally.
Knox Wire Opening Doors for the Future
It goes without saying that the current international payment systems are flawed. The constraints go beyond the limitations of regions to time, costs, security, and diversity of the services.
However, Knox Wire wishes to change the narrative by bringing highly functional options for users worldwide. It steps beyond the constraints of current real-time global settlement networks by creating a larger stream of available institutions to suit all.
It not only offers inter-bank transactions but also facilitates external bank settlements to larger institutions. Its bi-directional messaging system presents a different approach for sending and receiving requests between clients and banking institutions.
It leverages more of the innovations by its parent company, including database sharding, which ensures constant decongestion of the network. This element prevents downtime during transactions despite the traffic received.
No one needs to pay upfront costs while using the network, further lowering the overall costs involved in the process. Users can also benefit from various earning options from the exchange rates and fees. Finally, Knox Wire expects to grow to be the to-go-to settlement platform, connecting to other services provided by its parent company.
