- Knox Wire announces big news of a new plan.
- The plan is claimed to be changing the financial industry with immediate international transactions.
- The company hopes to create a new experience in the world of finances.
Knox Wire is bringing a new perspective to the financial industry by offering almost immediate international transactions through financial institutions.
According to the team, the payment network will be a head-on competitor with the only other two real-time settlement platforms, Ripple and Swift.
In its opinion, the others have several shortcomings in providing convenient financial services for users worldwide. These limitations act as a hindrance to the progression of the platforms and what they can offer in the long run.
On the other hand, Knox Wire hopes to create a wholesome experience by presenting more secure, fast, cost-effective, and diverse options for users and institutions alike. It leverages a world-class DLT infrastructure, military-level security, database sharding, and more.
CEO Stephen McCullah describes it as a project aiming at realizing new levels globally in network expanse and transaction speeds. For that, it leverages Knox Quantum and Knoxnet to realise its core objectives by providing two options to send and receive funds across the world.
Knox Quantum facilitates communication between two institutions involved in a transaction. Knoxnet manages off-network settlements across a mesh of local banks globally.
Why Knox Wire Is Gaining Attention
Regular bank payments are slow and time-consuming. Furthermore, global bank transfers are expensive and inconvenient for parties who cannot afford them. Knox Wire focuses on a new outlook to benefit all through reducing costs and adding value to users and financial institutions.
Now, users can take advantage of the Knox Wire services across 200 countries worldwide in 150 currencies. This feature expands the scope of its competitors with limited currencies and user base.
Furthermore, over 30 000 institutions are eligible to join the settlement network’s ecosystem, varying between banks, brokerage companies, government financial systems, among other financial service providers.
Onboarding to the network does not require an upfront fee, except for institutions with objectives aligned towards depository functions. The rest can start utilising the ecosystem after rounding up on the contract, AI & API integrations, testing, and onboarding of trustworthy employees.
Afterward, the bi-directional messaging system will help exchange messages between active financial institutions. It acts as the link between two clients through their financial service providers to execute a transaction.
The same goes for external banks that may be involved in a transaction, increasing the communication efficiency between customers and service providers. Unless otherwise planned, Knox Wire ensures the instructions are sent to a local partner for same-day remittances once a bank makes a settlement request.
Working towards Trustworthy Services
The Knox Wire team boasts years of experience within the financial space and fintech endeavours . Likewise, its members have been involved in over 12 Fortune 500 companies. As such, putting this experience together makes it aim to create a functional and secure ecosystem for its users.
Its immutable distributed ledger technology infrastructure can ensure transparency, authentic user information, anti-fraud measures, and reliability. Moreover, it has a well-curated 24/7 customer service support system to cater to any queries users may have in their daily payment settlement. Safe to say, it is bringing a new age in what we know as financial transactions on an international level. Its progression will bring more opportunities for service providers to take a step further in realizing their customer needs.