Unveiled on Jan. 22, 2022, Knox Wire service attempts to build a new-gen payment network for businesses and individuals. It leverages cutting-edge blockchain and AI protocols for better security and user experience.
Bringing DLTs and API instruments to digital payments: What is Knox Wire?
Global fintech ecosystem Knox Wire promotes itself as a one-stop solution that allows banks, financial institutions, merchants and retail customers to authorize and receive cross-border payments in a secure and lighting-fast manner.
Knox Wire is based on the exchange of secure financial messages, allowing banks and financial institutions to send, receive, inquire and validate information and transactions in real time. pic.twitter.com/JIebFOlIgq— Knox Wire (@knox_wire) March 8, 2022
At its core, it is a payment network, a technically advanced analogue of Ripple and SWIFT. Over the first few weeks since its launch, it has already begun delivering services to 30,000 financial institutions using 150+ fiat currencies.
The progress of Knox Wire should be attributed to a seamless onboarding procedure: an institution can just open an account on Know Wire and sign a contract in digital form.
The platform leverages artificial intelligence and utilizes API instruments to ensure that users’ operations are secure and confidential. Also, its architecture is flexible: users can customize a variety of parameters to tailor Knox Wire services to their own needs.
Thus, Know Wire creates an inclusive and fair fintech instrument for financial mechanisms of various sizes and specializations.
Resource-efficient transfers for advanced business operations
If necessary, Knox Wire can also set a deposit account if there will be a guaranteed cost paid to a corresponding bank.
Knox Wire can be used for both inter-bank and external transactions to other banks and countries. As 150+ currencies are available, the majority of remittances are carried out in local fiat currencies. Its bi-directional messaging system creates a reliable technical basis for sending and receiving financial messages from banks and other institutions.
With Knox Wire, users can benefit from various earning options with the exchange rates and fees. Due to this unique combination of features and instruments, Know Wire has already booked a spot in the top rankings of digital payment systems.
By late Q1, 2022, Knox Wire is the third largest digital cross-border payments system, surpassed only by SWIFT and Ripple, multi-year leaders in this red-hot market.