Headed by its CEO, Stephen McCullah, Knox Wire launched its operations in 2022. The system is simply an outlier in its industry. It was not only developed to compete with Swift and Ripplenet but also to address old problems by applying novel solutions. The system was designed to securely facilitate the exchange of financial information across entities in its network.
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It is a well-known fact that Financial Institutions across the globe have sought to increase the efficacy of the Real-Time Gross Settlement (RTGS). Knox Wire has accomplished this. It has increased inter-bank funds transfer efficiency by decreasing the transfer time to almost 2 seconds!
The Technical Intricacies of Knox Wire System
The system is developed on distributed ledger technology (commonly called blockchain). Consequently, it offers a decentralized mechanism for conducting its operations. Through decentralization of its core operations, Knox Wire is capable of shielding itself from cyber-attacks. Data encryption within the system provides an additional buffer to its security.
The blockchain technology application enables the system to share and update records across its network simultaneously. Therefore, in the event of a dispute between parties, records are easily retrievable.
Moreover, the system can handle the huge transaction traffic in its network by employing the use of database sharding. Through sharding, the system can ensure seamless communication across the network. 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 system.
The Stand–Out Features
As mentioned before, the system is an RTGS. However, it sets itself apart by enabling funds transfer across nearly 30,000 financial institutions. It doesn’t matter whether you want to send your Swedish Krona or Nigerian Naira to your relatives in Scandinavia. The transfer of funds is possible through different currencies, up to 150.
Compared to its peers, the associated transaction fees are low for the clients. Other than receiving income through changes in the exchange rates, financial institutions can leverage the low transaction fees into additional revenue streams.
The system also facilitates external bank settlements to larger financial institutions. In the pursuit of streamlining their operations, FI’s strive to minimize their overall costs. It is, therefore, not a surprise that Knox Wire has been able to address the cost concern. How, you ask?
Firstly, to integrate the system into its operations, an institution does not need to pay an upfront fee. Secondly, the institutions need not acquire new hardware or IT personnel; hence, such reducing costs.
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Moreover, the application period of obtaining the system is only a one to two-week process. 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 system.
The ethos of Knox Wire
Since the needs of financial institutions vary, based on factors such as region and demographic served, Knox Wire developers provide tailored services to meet specific client requirements. These services are etched on the principles of transparency and collaboration.
Entities within the network are also privy to the 24/7 support offered by Knox Wire’s support team. In case of any technical difficulties, ample time is accorded to troubleshoot and resolve such issues.