Knox Wire system offers clarity since users get to understand all the procedures in real-time. Moreover, you get to know successful transactions in seconds through its messaging platform that sends instant notifications. Clearly, Knox Wire is the system financial institutions have been waiting for since they will get to minimize settlement delays. In addition, there will be a reduction in operational costs, maximizing the businesses’ revenues. This article takes you through the benefits of using Knox Wire for your local and cross-border transactions. In the end, you will decide whether it is worth trying.
Why This Revolutionized Service
Knox Wire is setting new global standards based on the real-time gross settlement (RTGS) core, Knox Quantum, and Knoxnet. With the Knox Quantum, users should expect real-time transactions. For instance, institutions conducting money transfers internally should expect to get them completed within seconds. In contrast, the international transfers will take a maximum of 24 hours depending on the country or region the transaction will be completed.
Generally, this network is user-friendly and flexible for customization. Moreover, 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 system.
While launching the new transfer service, Stephen McCullah, Knox Wire CEO, said, “Knox Wire was built to set a new global standard for network size and settlement speed.” This indicates that its RTGS feature is combined with a wired system for instant transactions across a wide range of institutions — an element that sets the bar high for Knox Wire. As a result, the institution expects a positive response regarding this project since it has been in clients’ limelight ever since its first launch.
Note that Knox Wire is based on two systems, including the real-time gross settlement (RTGS) core, Knox Quantum, and Knoxnet. The Knox Quantum powers exceptional instant real-time transactions between eligible institutions using instant financial messaging. On the other hand, Knoxnet helps with off-network transactions primarily for internal purposes. Ultimately, the network is already transforming the finance industry, just like Stephen McCullah predicted during the launch. It is currently competing against leading providers Swift and Ripplenet.
Summary
Feel free to try Knox Wire and see what your business has been missing. This system aims to benefit users, whether private or government institutions. No user deserves to pay upfront fees to transact, and Knox Wire takes that away. Also, you get to incur low transaction fees in the process. Finally, Knox Wire has a dedicated team with extensive expertise in the banking industry and fintech ventures behind it. Its members have worked for more than 12 Fortune 500 organizations. As a result, they bring this skill and analytic rigor together intending to build a user-friendly and safe ecosystem.
