Since the 1970s, the money transfer service has remained the same. Even the advancing technology couldn’t bring the change that the finance industry deserves. Making payments was complicated, leading to delays and a lack of visibility on occurrences during transactions. On top of that, users got to incur high transaction costs.
Luckily, many institutions like Swift and Ripplenet have since tried to change the industry with more efficient transfer services. However, Knox Wire has managed to beat them out of their games by launching a better transfer service in January 2022. This service is developed to make all transactions efficient and quick, whether made internally or across borders.
Why Knox Wire Stands Out
Unlike Swift and Ripplenet, Knox Wire’s new transfer service completes transactions in seconds. This has made this service to be well-received by users globally. However, if you have used other payment services, you can agree that they are slow and have high costs. Moreover, you are not guaranteed efficiency due to a lack of visibility.
Knox Wire is available for users in the financial industry, whether government or private institutions. Furthermore, you get to transact over 150 currencies across approximately 30,000 financial institutions included in its network. Being able to reach over 200 countries is another element that Swift and Ripplenet do not have.
Additionally, Knox Wire features a world-class messaging system that runs through eligible institutions. This means that banks and other users easily exchange information in a more standardized way. Organizations can also hire quickly, especially if they hire external recruiters that need to be paid on time.
Note that Knox Wire is based on two systems, including the real-time gross settlement (RTGS) core, Knox Quantum, and Knoxnet. The Knox Quantum powers exceptional instant real-time transactions between eligible institutions using instant financial messaging. On the other hand, Knoxnet helps with off-network transactions primarily for internal purposes. Ultimately, the network is already transforming the finance industry, just like Stephen McCullah, Knox Wire CEO, predicted during the launch in early 2022.
Knox Wire For the Future
Knox Wire system offers clarity since users get to understand all the procedures in real-time. Moreover, you get to know successful transactions in seconds through its messaging platform that sends instant notifications. Clearly, Knox Wire is the system financial institutions have been waiting for since they will get to minimize settlement delays. In addition, there will be a reduction in operational costs, maximizing the businesses’ revenues.
That being said, avoid delayed transactions that are also costly with Knox Wire’s revolutionary transfer service. Instead, rest assured of quick cross-border transfer services that take a few seconds to a day. This is unlike Knox Wire’s competitors that complete transactions upto 3-5 business days. 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 network.
The institution is the best in offering money transfer services, whether locally or internationally. Because of this, it is proliferating, and we expect to see more advanced services launched in the future. With a plethora of institutions onboarding since its unveiling and more demand on the way, consider trying it now to enjoy your transactions.