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On January 17th, 2022, Knox Wire announced the launch of its new product, the Knox Wire global wire transfer network. The launch of the network has enabled it to join the few global interbank transfer systems available worldwide. Knox Wire has several features that make it unique and promises to streamline international transfers.
Knox Wire Launches a New Wire Transfer Network
The Knox Wire project is an international interbank transfer system fostering immediate transactions across banks. According to a recent press release, the main intention of this entire platform is to foster the simplicity of transfers across banks.
The Knox Wire development team stated that the platform has a wide reach targeting 200 countries. At the moment, Knox Wire can support around 150 currencies, hence making cross-border payments between banks easy. Accordingly, Knox Wire is capable of hosting over 30 thousand financial institutions.
According to the project’s web page, Knox Wire’s internal transaction time is as low as 2 seconds. Regarding wired interbank transactions, the settlement period ranges from a few seconds to 4 days depending on the country.
When announcing this project, Stephen McCullah, the CEO of Knox Wire, said, “Knox Wire was built to set a new global standard for network size and settlement speed.” Knox Wire combines a Real-time gross settlement system (RTGS) and a wired system to achieve speed in transactions.
RTGS speeds up transactions but has a limited number of supported institutions. Wired systems offer slower transactions but can support a wide number of corporations. Combining both helps achieve wide institutional support but also fosters faster transactions.
Knox Wire RTGS, called Knox Quantum, powers transactions in real-time using bi-directional messaging. The Knox Quantum can therefore help achieve international bank transfers in real-time. The wired system, Knoxnet, helps deal with same-day off-network payments to other large networks and banking partners.
Knox Wire has enjoyed accelerated adoption ever since its first launch. For instance, according to the press release, on the day of the Knox Wire launch, over a dozen institutions were onboarded.
Knox Wire Unveils its Features
The Knox Wire team mentioned that the network has several features distinguishing it from others in their release. The project’s whitepaper indicates that Knox Wire offers real-time transactions at favourable costs. There are no upfront charges on corporations during integration.
The Knox Wire network also values security. Accordingly, Knox Wire uses securely encrypted systems to help protect financial details between corporations using the network.
Additionally, qualified corporations within the network will earn revenue on every transaction. However, companies only qualify by registering as Knox Wire corporations. Knox Wire offers rebates to the institutions; hence corporations can economize their transactions.
Finally, Knox Wire also notes that they have a 24-hour support system. Knox Wire is targetting to register thousands of institutions soon and streamline transactions. According to Mr. Steve Maccullah, all these features, including speed, costs, and revenue, are possible since Knox Wire is based on Apollo blockchain.
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