Fintech company Knox Wire has come up with a new Real-Time Gross Settlement (RTGS) Network to solve cross-border payment problems. This financial sector has been struggling with numerous issues in recent years. In fact, not even industry-leading brands like Swift or RippleNet have found affordable solutions to them.
Fortunately, Knox Wire is combining the latest technological advances to help improve the situation. This article discusses the company’s chances of reshaping the current global interbank transfer system.
What Are the Issues of Cross-Border Payment Systems?
The cross-border payment system has evolved substantially in the past three decades. However, lately, it has struggled with overcrowded networks, slow transactions, and expensive costs. Many experts and everyday users criticize these issues, and their protests increase by the day.
Furthermore, financial institutions complain that the onboarding costs of various RTGS providers are too high. For instance, Swift charges a $30,000 upfront fee to any organization looking to implement its services. Moreover, it then collects between $6,000 and $12,000 monthly payments for as long as the collaboration persists.
Banks, brokerage firms, and other financial providers are desperately looking for faster and cheaper solutions in this environment. Despite many waiting for established companies to provide better services, the savior may come from a newcomer, Knox Wire.
How Knox Wire Aims to Solve Cross-Border Payment Problems
Knox Wire is an up-and-coming Global RTGS (real-time gross settlement) and wire transfer system. Its goal is to take on RippleNet and Swift directly and compete with better and more cost-effective solutions.
Knox Wire uses the latest technological innovations, such as DLT (distributed ledger technology) from Apollo Blockchain as its base. Also, it uses an intermediary currency option, GSX or Gold Secured Currency. Participating institutions can use it to preserve the value of their assets within the system.
The Knox Wire CEO, Stephen McCullah, believes that the industry can overcome its issues only by incorporating modern technologies. To this end, Knox Wire uses a dual payment system that completes transactions between organizations almost instantly.
Some of the Knox Wire benefits include:
- Support for cross-border payments to 200 countries in 150 currencies
- A bi-directional messaging system for more effective communication
- Helpful system support 24/7 and 365 days a year
- Oversee real-time payments to other participating institutions
- Significant income possibilities from premium services
- Some of the lowest transaction costs in the industry
- No upfront onboarding costs for qualifying organizations
- A highly-secure encrypted infrastructure
Knox Wire Grows By the Day
Knox Wire provides more and cheaper solutions than its competitors. Also, it has a farther reach and allows institutions to make transfers in more currencies. Financial organizations worldwide have not missed the opportunity to onboard this service.
Since its inception, Knox Wire has partnered with over 30,000 banks and financial institutions in over 200 countries. New organizations are always welcome to join this growing network. This way, they can enjoy rapid transfers, same-day settlements, and optimal asset security.
Onboarding Knox Wire is quick and easy. It does not require upfront costs or wasting money on hardware equipment. Furthermore, the entire implementation and employee training process generally last less than two weeks.