Knox Wire is the latest platform to join wire transfer networks operating globally.
The global payment services network recently partnered with State Digital Funds(SDF) to power payments ranging from large-scale business mergers to acquisitions and investments.
Knox Wire is an innovative institution-to-institution communication system. Financial institutions can now offer their clients near-instant cross-border payments to more than 300 countries in 150 currencies using this platform.
Knox Wire is Expanding its Outreach
Knox Wire and SDF’s partnership will create new opportunities for both parties by accelerating global payments and increasing investment opportunities. After all, considering the growing need for instant payments across borders, partnerships with banks and such financial institutions are the way forward.
The State Digital Fund is a fund that aims to create long-term sustainable growth through the acquisition of global businesses. SDF uses a strategy that combines risk management and modern technology to support its operations.
On the other hand, Knox Wire is a global correspondent network that enables financial institutions and qualified organisations to process cross-border transactions in over 200 countries. Its robust technology platform combines the latest trends in electronic payment processing with a real-time gross settlement network.
As both firms come together, they will integrate an all-encompassing payment structure. It will then result in a seamless financial system to power mergers and acquisitions worldwide. Meanwhile, Knox Wire is fast rising, and several institutions are already on board as more keep sending requests.
Making Efforts into a Better Future
Due to the rapid emergence and evolution of technology, financial institutions face challenges in handling transactions involving money moving across borders. There is also an increase in population globally hence more transactions creating the need for instant payments.
The main challenge with cross-border payments is the time and costs associated with processing transactions. Using the main wire network can take up to 3 to 5 days to complete, and fees are high. The current RTGS(real-time gross settlement) payment systems offer faster payments, but there is still a limited number of banks in partnership.
Designed to compete with networks such as Swift, Knox Wire is a real-time cross-border payment solution that works seamlessly with almost all mainstream banking systems. Its robust anti-money laundering technology helps minimise the wait time for international wire transfers to less than 2 seconds.
Knox Wire has two systems within its network. The Knox Quantum is the RTGS core that powers real-time transactions through financial messaging. On the other hand, the Knoxnet, a global correspondent network, enables local off-network payments through a worldwide network of local partner banks.
Cross-border transactions between financial institutions are initiated through transactional and informative messages. The transactional messages provide detailed information about the transaction, while informational messages are requests to the transactions. Notably, all messages are stored on the blockchain hence easily traceable for future reference.