Knox Wire launches Global Real Time Gross Settlement (RTGS) Network
By Edlyn Cardoza
Knox Wire launches a real-time gross settlement network that facilitates near-instant inter-bank transfers worldwide. The system allows Financial Institutions to utilize as many as 150 currencies to send real-time cross-border payments and same-day payments to almost 30,000 institutions in 120 countries, using its Knoxnet Correspondent Network.
Knox Wire is one network with two systems, the RTGS core, Knox Quantum, and Knoxnet, a global correspondent network.
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”, said Stephen McCullah, CEO of Knox Wire.
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 an extensive network, payment times can average 3 to 5 days or more, and fees are very high. Using the only available RTGS payment system offers faster payments but with a limited network of participating banks, seriously limiting reach.
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 an extensive network. The system is growing rapidly, with well over a dozen institutions onboarding on the day of launch and a vast queue of requests daily.
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