Financial analysts and institutions have decried the slow and inefficient services in the cross-border payment sector for years. Now, a tailored solution seeking to solve this issue and many more is here to answer their complaints. Most importantly, it comes from Knox Wire, a new fintech service with a promising career ahead.
What’s Wrong with the Cross-Border Payment Industry?
The current state of the cross-border payment sector is due to its overuse of centralized ledgers. This has made it sluggish, time-consuming, and even unaffordable for some financial institutions. Furthermore, the market suffers from overcrowding and inefficient solutions.
For instance, one of the top RTGS (real-time gross settlement) providers, Swift, has a slow turnaround for users. Its transaction time can last between 1 and 5 days. Moreover, it does not provide options for same-day settlements. This means that many financial operations take longer than they should and weigh down important economic mechanisms.
How Can Knox Wire Help?
Knox Wire is an up-and-coming Global RTGS and wire transfer system. It uses an innovative mix of recent technological breakthroughs to overcome the hurdles of the cross-border payment sector.
For example, Knox Wire uses financial messaging to improve communication between participating institutions. Furthermore, it employs a dual payment system that increases transaction speed and efficiency.
Additionally, Knox Wire uses a distributed ledger technology (DLT) on the Apollo blockchain to process international payments. Also, it uses an intermediary currency option, GSX or Gold Secured Currency, to allow participating institutions to preserve asset value.
This avant-garde approach to settlements and international interbank payments has won Knox Wire the industry’s appreciation. Also, it helped the platform develop fast and connect over 30,000 financial institutions in 200 countries with over 150 currencies.
The Knox Wire CEO, Stephen McCullah, considers this fast evolution a decisive moment in financial history. Soon, Knox Wire will compete on equal terms with more prestigious industry brands, such as Swift and RippleNet. Moreover, if it continues to provide bespoke solutions and this level of innovation, it could even surpass its competition.
What Are the Knox Wire Benefits?
Knox Wire uses a bi-directional messaging system to enable faster and more efficient transfers between financial institutions. Also, it provides them with 24-hour system support available 365 days a year. This way, they can always access helpful solutions should they encounter any issues.
Participating institutions within the Knox Wire Network can engage in real-time payments. Also, they benefit from some of the lowest transaction costs in the industry.
Lastly, financial providers using Knox Wire benefit from its highly-secure encrypted infrastructure. This decentralized framework ensures optimal safety for their assets and operations.
Who Can Onboard the Knox Wire Network?
Financial organizations, including banks, credit unions, loan associations, investment companies, brokerage firms, and mortgage companies, can quickly onboard Knox Wire. The integration process lasts for less than two weeks and does not require them to have advanced hardware equipment.
Additionally, Knox Wire does not charge upfront implementation fees. This way, any financial institution, even with limited capital, can enjoy using the Knox Wire Network.
For more information about Knox Wire, please follow the links below:| Website | Twitter | Facebook|
