Knox Wire delivers innovative financial services with futuristic cross-border functionality
- Knox Wire announces the big news of a new plan.
- The plan is supposed to change the financial sector with immediate international transactions.
- The company hopes to create a new experience in the world of finance.
Knox Wire brings a new perspective to the financial industry by offering near-immediate international transactions through financial institutions.
According to the team, the payment network will be a front-end competitor with the only two other real-time settlement platforms, and Swift.
In his opinion, the others have several shortcomings in providing convenient financial services to users around the world. These limitations act as a brake on the progress of the platforms and what they can offer in the long term.
On the other hand, Knox Wire hopes to create a healthy experience by presenting safer, faster, cheaper and more diverse options for users and institutions. It leverages world-class DLT infrastructure, military-grade security, database sharing, and more.
CEO Stephen McCullah describes it as a project to achieve new levels globally in network reach and transaction speeds. For this, it relies on Knox Quantum (NASDAQ:) and Knoxnet to achieve its main objectives by offering two options to send and receive funds across the world.
Knox Quantum facilitates communication between two institutions involved in a transaction. Knoxnet manages out-of-network settlements through a network of local banks around the world.
Why Knox Wire is attracting attention
Regular bank payments are slow and time-consuming. Additionally, global bank transfers are expensive and inconvenient for parties who cannot afford them. Knox Wire is focused on a new perspective to benefit everyone by reducing costs and adding value to users and financial institutions.
Now users can enjoy Knox Wire services in 200 countries around the world in 150 currencies. This feature expands the reach of its competitors with limited currencies and user base.
Additionally, more than 30,000 institutions are eligible to join the settlement network ecosystem, varying between banks, brokerage firms, government financial systems, among other financial service providers.
Onboarding to the network does not require an upfront fee, except for institutions whose objectives are aligned with custodian functions. Others can start using the ecosystem after rounding up the contract, AI and API integrations, testing, and trustworthy employee onboarding.
Subsequently, the two-way 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 applies to external banks that may be involved in a transaction, which increases the efficiency of communication between customers and service providers. Unless otherwise specified, Knox Wire ensures that instructions are sent to a local partner for same day remittances once a bank has made a claim.
Towards trustworthy services
The Knox Wire team has years of experience in the financial space and fintech endeavors. Likewise, its members have been involved in more than 12 Fortune 500 companies. Thus, the pooling of this experience aims 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-organized 24/7 customer support system to answer any queries that users may have in their daily payment settlement. Safe to say, it brings a new era in what we call financial transactions internationally. Its progression will provide more opportunities for service providers to take a step further in meeting the needs of their customers.
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