Knox Wire is set to empower the financial industry with a global real-time gross settlement system. The network’s focus helps address two major aspects of communication and cross-border payments between financial institutions.
Knox Wire could pose as a direct competition to other existing payment solutions such as SWIFT and Ripplenet.
The Underlying Features
Financial platforms such as investment firms and banks face several challenges in their interbank operations. High transaction fees and slow execution periods are among the issues clients encounter today. On other occasions, financial platforms have limited access to transaction information once a transfer is complete.
Knox Wire’s technology looks forward to dealing with these problems using its decentralized payment infrastructure. The network supports informational messages which display the details of a completed transaction. Thus, financial bodies can exchange transactional information encrypted with session keys.
The system thereafter stores its informational and financial data on a blockchain network. That way, Knox World can solve financial conflicts that may arise between participants.
A sub-2-second processing solution is another feature that the network offers. Financial institutions can therefore expect to operate with a fast executing infrastructure.
More Features that Stand Out
The existing payment systems usually rely on technical personnel. Knox’s system works uniquely since it removes the need for an IT personnel. Application periods for financial institutions are lower than those applied by other payment solutions. Aspiring Knox participants will have a maximum application and training period of two weeks.
This timeframe beats the standard maximum period of 12 months, as seen in other bank-to-bank communication systems. In most cases, financial institutions within an interbank system normally generate their profits from exchange rates. The financial bodies, therefore, have limited access to revenue sources.
At Knox, network participants will gather their incomes from two sources: through exchange rates and transaction charges. Knox also assures users that they will interact with approximately 30,000 institutions available in one system. The diversity allows users to select from a wide selection of banks, insurance companies, or even investment firms.
What’s more, these institutions are spread across 200 countries, and users can make cross-border payments with 150 currencies.
A Summary on Knox Wire
Knox Wire represents an interbank financial service provider that facilities immediate payment services. The system enables financial institutions to communicate and execute transactions using a wide selection of currencies.
It further maintains and secures financial information on a blockchain. The system allows banks and other financial bodies to handle real-time payments and generate revenues from various sources.
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