Blockchain technology has infiltrated every industry in recent years, making them safer and more effective. Now, it has reached the RTGS (real-time gross settlement) sector. However, implementing it are not established powerhouses like Swift or RippleNet. Instead, it is up to a new and innovative service, Knox Wire, to try to change the industry forever.
Who is Knox Wire?
Knox Wire is a fintech solution providing a new and ambitious global RTGS and wire transfer system. The company is a fresh face in the market. However, it has already established collaborations with over 30,000 financial institutions worldwide.
Banks, credit unions, loan associations, investment companies, brokerage firms, and insurance or mortgage companies have already onboarded Knox Wire. They have chosen it because it allows them to make payments in 200 countries with over 150 currencies. Above all, Knox Wire supports near-instant payment resolutions and same-day settlements.
How Knox Wire Uses Distributed Ledger Technology
The cross-border payment sector has long relied on centralized ledgers. Unfortunately, these networks are prone to overcrowding, making them slow, time-consuming, and expensive.
Knox Wire aims to change that by using distributed ledger technology (DLT). This innovation represents a network of replicated, shared, and synchronized digital data over multiple nodes. These nodes can represent computers, sites, or financial institutions. Since they all share the same database, they do not need a centralized third party to oversee their operations.
DLT supports faster operations and more efficiency in settlements and interbank payments. Furthermore, it uses an encrypted infrastructure that provides a high-security standard. Generally, centralized ledgers cannot achieve this performance.
Knox Wire uses distributed ledger technology from Apollo Blockchain as its base. Also, it provides participating institutions with a digital coin, GSX, or Gold Secured Currency. They can use it to preserve the value of their assets within the Knox Wire Network.
Lastly, Knox Wire uses a dual payment system, financial messaging, and API services to ensure maximum efficiency. Furthermore, these technologies enable it to perform rapidly and safely in a highly competitive environment.
What Benefits Does Knox Wire Have?
The Knox Wire CEO, Stephen McCullah, believes that his company’s solutions will soon be at the industry’s forefront. Also, Knox Wire should soon surpass more famous industry brands, such as Swift and RippleNet. To this end, it provides benefits, such as:
- Cross-border payments between 200 countries in 150 currencies
- A bi-directional messaging system
- 24-hour system support
- Real-time payments between participating institutions
- Significant income potential
- Low transaction costs
- No upfront implementation fees for qualifying institutions
- A highly secure encrypted infrastructure
Onboard Knox Wire Today!
If you represent a financial provider, you can quickly implement Knox Wire on your platform. All you need to do is get in touch with the Knox Wire team. Next, follow their instructions to kick-start the onboarding program, which shouldn’t last for more than two weeks.
Don’t worry if you have limited capital. Knox Wire does not charge any upfront integration fees. Also, it will not ask you to invest in advanced hardware equipment or expensive employee training programs. This service does not require any of these. Therefore, you can begin using it with minimum costs and no hassle.