Fintech News

New Bank Wire Network Launching to Compete with Swift and RTGS Systems

New Bank Wire Network Launching to Compete with Swift and RTGS Systems

Apollo Fintech announces launch date for Knox Wire, a new bank wire network capable of facilitating same day cross-border payments to nearly 20,000 financial institutions.

The Knox Wire network can be used by financial institutions such as central banks, commercial banks, credit unions, loan associations, investment companies, brokerage firms, insurance companies, mortgage companies, and most financial institutions, to send regional and international payments.
It can even be utilized as a regional RTGS (real time gross settlement) system.

Designed to compete directly with Swift, Knox Wire uses a Bi-Directional messaging system and sophisticated anti-money laundering technology to reduce the average international wire wait time of 3-5 days down to as little as 2 seconds. Knox Wire integrates with nearly all mainstream banking systems, using API, and offers a dedicated development team to assist with integration and maintenance.

PREDICTIONS SERIES BANNER

Knox Wire advantages include:

  • No hardware or dedicated IT personnel are required
  • As little as a one week training process
  • No cost to qualifying institutions
  • Near-instant transaction time in network
  • Bi-directional messaging rather than slow Omni-directional messaging
  • Same day balance settlement
  • No pre-funding is required to qualifying institutions
  • Built with immutable distributed ledger technology
  • Send payments to nearly 20,000 institutions same day

Read More: BlueSnap Becomes First Global PSP to Launch Local Acquiring in Israel

The planned launch date of the Knox Wire network is currently set for January 15, 2022. However, registrations are happening now.

For a limited time financial Institutions can sign up before the official launch date to integrate Knox Wire with no upfront or reoccurring cost.

Read More: RAIR TECH Debuts its First Secure NFT for Blockchain Investor Conference CoinAgenda Global

[To share your insights with us, please write to sghosh@martechseries.com]

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