Knox Wire has taken the cross-border payment sector by storm. This new fintech service uses the latest technological advances and financial tools to provide highly effective solutions. Furthermore, it guarantees near-instant transactions and same-day settlements.
Knox Wire comes with plenty of benefits for financial institutions worldwide. Therefore, it’s no surprise that over 30,000 financial organizations have onboarded it already. Read on to discover what more makes this financial service the most sought-after solution for cross-border payments now!
What is Knox Wire? Features/Technology
Knox Wire is a promising Global RTGS (real-time gross settlement) and wire transfer system. It enables financial organizations of all kinds from 200 countries to operate within the same network. Furthermore, it allows them to make transactions in nearly 150 currencies.
Banks, credit unions, and loan associations can quickly implement Knox Wire to improve their convenient financial services offer. The same goes for companies dealing with investments, brokerage, insurance, or mortgage. Simply put, there’s room for everyone in the Knox Wire ecosystem.
The platform uses blockchain technology to ensure the security and efficiency of its operations. For instance, it functions on the Apollo blockchain’s distributed ledger technology (DLT) to process international payments. Also, it provides participating institutions with an in-between currency option, GSX or Gold Secured Currency. They can use it to preserve the value of their assets within the network.
Knox Wire also uses a dual payment system, financial messaging, and API services to perform quick and cost-effective transactions. Financial organizations can use it when making border-cross transfers and settlements.
Knox Wire Benefits
Knox Wire comes with an extensive suite of benefits for its financial partners. For example, it allows them to integrate with zero upfront costs. Also, it provides them with 24-hour system support every day of the year.
Furthermore, Knox Wire allows them to gain a significant income. The platform discovered that end-users are more likely to pay premium fees for instant transactions, according to its research. Therefore, the financial institution facilitating a transfer can win up to 0.5% of each such transaction.
The Knox Wire CEO, Stephen McCullah, admitted that this is just the start of the journey for the platform. In the future, the service should incorporate more services and innovative solutions.
How to Onboard Knox Wire
Contact the Knox Team here if you wish to onboard its service. A team of financial experts is at your disposal to help you integrate within the Knox Wire Network.
The onboarding process lasts two weeks. So, be ready to use Knox Wire as soon as this period ends. And, if you think that two weeks is too much, we remind you that Swift takes up to a year.
Lastly, remember that Knox Wire does not charge upfront fees and does not require you to invest in hardware equipment. On the contrary, the whole onboarding process is cost-effective and user-friendly.