If you are familiar with cross-border payments, then you know how slow, difficult, and frustrating the entire process can be. With only two global payment solutions, Swift and RippleNet, available on the market, many businesses are struggling to remain afloat when it comes to facilitating fast transactions and secure exchange of information.
Luckily, Knox Wire is a new and promising cross-border payment platform that offers almost immediate global transactions through various financial institutions. According to the network’s CEO Stephen McCullah, the international payment network seeks to emerge as the most efficient real-time international payment solution to users everywhere.
Why Is Knox Wire Getting So Much Attention?
It goes without saying that international payment systems have various flaws in terms of delivering seamless financial services to people all over the world. These constraints stifle the platforms’ development and limit their offerings in the long term.
Knox Wire aims to provide a comprehensive experience for consumers and institutions. It seeks to provide more secure, quick, affordable, and diversified solutions. It makes use of a world-class distributed ledger technology infrastructure, database sharding, military-grade security, and more innovative solutions.
Simply put, 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.
The network aims to achieve unprecedented levels of global network breadth and operation speeds. It accomplishes this by utilizing Knoxnet and Knox Quantum to achieve its fundamental goals. As a result, it offers two methods for sending and receiving payments globally. Knox Quantum makes it easier for two businesses participating in a transaction to communicate. On the other hand, Knoxnet is a global network of local banks that facilitates off-network transactions.
Knox Wire services are available in 150 currencies in over 200 countries across the world. Its functionality broadens the reach of rivals who have restricted currencies and user bases. Furthermore, approximately 30 000 entities, including banks, government financial systems, brokerage firms, and other financial service providers, can join the cross-border payment network.
How to Join the Knox Wire Wave
Except for organizations with interests geared around depository services, there is no upfront charge for joining the Knox Wire network. After signing the contract and completing API & AI integrations, verification procedures, and induction of trustworthy personnel, users can start using the network right away.
Next, the bi-directional communications feature will allow active financial firms to exchange messages and transactions. As such, the network will serve as a bridge between two customers and their preferred banks when completing a transaction.
The same process applies to external banks engaged in a transaction. Thus, Knox Wire boosts efficient communication between clients and their preferred service providers. Once a bank submits a payment request, Knox Wire guarantees that the instructions are delivered to a local partner for same-day transfers, unless otherwise specified.
In addition, the team behind Knox Wire has extensive expertise in the banking industry and fintech ventures. 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.
It is fair to conclude that Knox Wire is ushering in a new era in international financial operations. Its advancement will create greater possibilities for service providers to go beyond meeting their customers’ demands.
