Knox Wire is a fintech service allowing financial institutions worldwide to engage in rapid, cost-effective cross-border payments. The platform is relatively new in the market. However, its CEO, Stephen McCullah, considers it can challenge proven brands like RippleNet and Swift.
Currently, over 30,000 financial organizations have implemented Knox Wire’s innovative solutions. If your institution aims to onboard Knox Wire and its rapidly expanding ecosystem, you came to the right place.
Today’s article discusses how to implement Knox Wire and enjoy its many benefits.
Why Knox Wire is a Must-Have Service
Knox Wire is a modern real-time gross settlement (RTGS) and wire transfer system with a global reach. For instance, it serves tens of thousands of organizations from 200 countries and supports transactions in 150 currencies. Most importantly, many financial analysts consider it the payments settlement platform of tomorrow.
Recently, the company released the Knox Wire Network, which supports rapid cross-border interbank transfers. This cutting-edge service uses a dual payment system to instantly complete transactions between financial institutions worldwide.
Furthermore, Knox Wire uses financial messaging to help improve settlement and communication between participating organizations. The platform’s use of decentralized financial solutions, such as a distributed ledger, increases its speed and security.
Here are the other Knox Wire benefits for which you should strongly consider its services:
- Send cross-border payments to 200 countries in 150 currencies
- Bi-Directional Messaging System
- 24 Hour System Support
- Real-Time Payments to Participating Institutions
- Significant Income Potentials
- Low Transaction Cost
- No Upfront Integration Cost
- Highly Secure Encrypted Infrastructure
Additionally, Knox Wire is actively working on its long-term development. Its expert team of financial professionals aims to integrate every new technological advance that could help its progress. This way, Knox Wire can evolve to dominate the RTGS market and live up to its name.
How Onboarding Knox Wire Works
Knox Wire keeps its door open to collaborations with financial institutions worldwide. Furthermore, it has designed a fast onboarding procedure to help organizations use its services as soon as possible.
To implement Knox Wire within your system, you have to get in touch with the team. Next, you will receive all the necessary instructions to onboard the platform quickly and easily.
Implementing Knox Wire comes with several benefits. Firstly, you don’t have to pay upfront fees if you represent a qualifying institution. Only to have an idea of the market, you should know that similar services charge expensive fees. For example, Swift requires an upfront payment of $30,000.
Another great advantage of onboarding Knox Wire is the short application training period. Contrary to other services, Knox Wire only requires two weeks to complete implementation. Swift will take between 6 and 12 months to onboard entirely to reiterate the example above.
Lastly, Knox Wire will not ask your institution to invest in expensive hardware equipment or lengthy employee training programs. On the contrary, its implementation does not require any of these expenses. Furthermore, your team will be able to use Knox Wire easily as soon as the two-week onboarding period ends.