Knox Wire is opening up an interactive infrastructure between financial institutions through the help of a bidirectional communication system. This feature allows institutions in the network to receive, send, and confirm transaction information. Introducing a two-way messaging system could make transaction processes easier to complete.
Real-Time Messaging and Payments
Today, recovering transactional data after completing the actual transaction can be difficult. Financial bodies have access to limited transaction data, making it equally harder to track them.
Knox Wire comes with a different mechanism as it lets users share informational and transactional messages. Informational messages represent the inquiries and feedbacks received from a transaction. On the other hand, transactional messages address the transfer process between financial platforms.
Every information shared within the system is secured with encrypted session keys. A blockchain network is also available to store these financial and transactional messages. Reserving data on a blockchain enables the payment platform to solve financial disputes that may emerge in the long run.
Knox Wire hopes to deliver a sub-2-second transaction processing solution in terms of speed. The immediate global execution process applies to participants who are within or outside Knox’s infrastructure.
Additional Benefits
Knox Wire creates a competitive environment that sets itself apart from existing payment platforms. The platform hopes to support global transfers as a new real-time gross settlement system at a minimal charge. Financial bodies can also obtain incomes from transaction charges and exchange rates.
Financial bodies that plan to register with Knox Wire will experience a shorter application and training period.
In other circumstances, banks have to follow a relatively long application timeframe which can take up to 12 months. However, the application period at Knox will be complete within two weeks or less.
Onboarding a payment system further attracts heavy upfront charges that can go as far as $30,000. This situation is different at Knox Wire since there are no upfront fees for integrating an institution.
Another advantage is that the payment service is available to 200 countries, and participants can opt to transact with a wider choice of currencies. On top of that, users can interact and transact with over 30,000 financial service providers.
A New Collaborative Effort
Partnership strategies are positive contributors towards a platform’s overall growth. Knox Wire, therefore, made a partnership deal with State Digital Fund (SDF) on March 1, 2022. SDF represents an investment firm that primarily focuses on merger and acquisition affairs.
Teaming up with SDF allows both platforms to expand their user-base and create an extensive payment infrastructure.
