A new institutional communication system, Knox Wire, just launched a real-time gross settlement network that allows users to make near-instant inter-bank transfers globally. By leveraging the platform, financial institutions can now transact in as many as 150 currencies to make real-time cross-border and same-day payments. Knox Wire will serve close to 30,000 financial institutions in over 200 countries via the Knoxnet Correspondent Network.
Dual Payment Systems Supported by a Single Network
Knox Wire is a single network that supports the core, Knox Quantum, and a global correspondent network, Knoxnet. Knox Quantum is responsible for real-time transactions using financial messaging, while Knoxnet powers local off-network payments using a global network of partner banks.
The financial messaging for cross-border payments is sent via transactional and informational messages. Informational messages comprise the requests and responses for the transaction, while transactional messages process the payments between the financial institutions.
Knox Wire Solution
The current cross-border payment systems are characterised by limitations, time constraints, and costs. Payments can take up to 5 days to process, and the transactional costs are pretty high. The only available RTGS payment system that processes faster payments has a limited network of partnering banks which limits its reach. The main payment systems currently utilised are conclusively unable to provide what global clients need.
Also, financial institutions have limited cross-border transaction information, which makes it challenging to trace transactions once processed.
Knox Wire has identified and developed a flagship system, mainly due to the limited cross-border payments options available worldwide. It provides the best of all the available options by creating a network that supports real-time inter-bank transfer in-network and same-day off-network transactions to an extensive network.
The transactional and informational payments messages data can be accessed via the Knox Wire System and includes the transaction status for the financial institutions. Data exchanges between qualified institutions are encrypted using session keys, while the financial and informational messages are held securely on the Knox Wire blockchain for seamless control and dispute resolution.
The Knox Wire system supports sub-2-seconds payment processing speeds between qualified corporations. Settlements are also prompt to third-party financial institutions.
Further, Knox Wire provides a world-class payment system that saves on transactional costs and includes rebates for institutions.
Staying Ahead of the Game
The Knox Wire Transfer Network has arrived to compete with industry leaders and surpass their current market offerings. It economizes transactional costs and eliminates the upfront integration costs for qualifying FSPs since there are no hardware and IT personnel requirements. Qualified Knox Wire Corporations can earn revenue on transaction fees and exchange rates. The application and training process is also fast, lasting only two weeks maximum.
Users worldwide can now enjoy an ultra-fast cross-border payments solution in a highly secure and encrypted infrastructure with a farther reach, more currencies, and guaranteed 24-hour system support.
The Knox Wire system is growing fast, with over a dozen institutions onboarding already from the day of launch and still receiving an extensive queue of new requests daily.
