Knox Wire launches real-time gross settlement network capable of facilitating near-instant inter-bank transfers worldwide. Knox Wire allows Financial Institutions to utilize as many as 150 currencies to send real-time cross-border payments, as well as same-day payments to almost 30,000 institutions in 120 countries, using its Knoxnet Correspondent Network.
One Network, Two Ways to Send Payments.
Knox Wire is one network with two systems, the RTGS core, Knox Quantum, and Knoxnet, a global correspondent network.
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Knox Quantum powers real-time transactions, using financial messaging between participating financial institutions, while the Knoxnet facilitates local off-network payments, through a global network of local partner banks.
“Knox Wire was built to set a new global standard for network size and settlement speed”
Stephen McCullah – Knox Wire – CEO
A Global Payment Network Built for the Future
The problems with the current cross-border payment systems are the limitations, time, and costs associated with simple cross-border payments. Using the main wire network on the market, which boasts a large network, payment times can average 3 to 5 days or more, and fees are very high. Using the only other available RTGS payment system available offers faster payments, but with a limited network of participating banks, seriously limiting reach.
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Knox Wire combines the best of all available options by facilitating real-time inter-bank transfers in-network, as well as same-day off-network transactions to a large network.
Knox Wire is growing rapidly, with well over a dozen institutions onboarding on the day of launch and an extensive queue of requests daily.
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