KnoxWire is the latest platform to join the worldwide managed wire transfer network.
The Global Payment Services Network has recently partnered with State Digital Funds (SDF) on power payments ranging from large business mergers to acquisitions and investments.
KnoxWire is an innovative organization-to-organization communication system. Financial institutions can now use this platform to offer instant cross-border payments to their clients in over 300 countries in 150 currencies.
Knox Wire is expanding its outreach
The partnership between KnoxWire and SDF will create new opportunities for both parties by accelerating global payments and increasing investment opportunities. Above all, given the growing need for immediate payments across borders, partnerships with banks and such financial institutions are the way forward.
The State Digital Fund is a fund that aims to create long-term sustainable growth through the acquisition of global businesses. SDF uses a strategy that combines risk management and modern technology to support its activities.
KnoxWire, on the other hand, is a global news network that enables financial institutions and qualified entities to process cross-border transactions in more than 200 countries. Its powerful technology platform combines the latest trends in electronic payment processing with a real-time gross settlement network.
Since the two companies merge, they will consolidate a ubiquitous payment structure. This will result in an uninterrupted financial system for global consolidation and acquisition. Meanwhile, KnoxWire is growing rapidly, and more organizations are already on board as more requests are sent.
To strive for a better future
Due to the rapid emergence and evolution of technology, financial institutions are faced with the challenge of managing transactions involving money across borders. As the world’s population has grown, so has the need for more immediate transactions.
The main challenge of cross-border financing is the time and cost associated with processing transactions. Using the main wire network can take up to 3 to 5 days to complete and the fee is high. Current RTGS (Real-Time Gross Settlement) payment systems offer fast payments, but there are still a limited number of banks in partnership.
Designed to compete with networks like Swift, KnoxWire is a real-time cross-border payment solution that works seamlessly with almost all mainstream banking systems. Its powerful anti-money laundering technology helps reduce waiting time for international wire transfers by less than 2 seconds.
KnoxWire’s network consists of two systems. Knox Quantum is the RTGS core that enables real-time transactions through financial messaging. Knoxnet, on the other hand, enables local off-network payments through a global network of local partner banks, a global news network.
Cross-border transactions between financial institutions begin with transactional and informative messages. Transactional messages provide detailed information about the transaction, while informative messages request a transaction. Significantly, all messages are stored on the blockchain so they can be easily identified for future reference.