Knox Wire Global Transfer Network Boasts Speedy Adoption and Transfer Efficiency

Knox wire, a new global wire transfer network, boasts speedy adoption seen just a few weeks after launch. The network launched on January 15th, 2022, and is targeting to extend its reach to 200 countries and thousands of institutions. During its debut, Knox promised to deliver speedy transactions at affordable costs for financial institutions worldwide. 

Knox Wire’s Unveils Adoption Rates After Launch

According to their press release via PR Distribution, Knox Wire saw fast adoption as many corporations onboarded on launch. For instance, on the first day of the launch, Knox Wire saw over a dozen institutions globally begin their onboarding. The platform notes that there have been extensive queues of requests every day since the first launch.

Based on their whitepaper, Knox Wire targets to reach the very distant parts of the globe. Since its launch, the network introduced support for about 150 currencies across over 200 countries. Accordingly, this network will support over 30000 financial institutions across the globe. 

The network minimizes the amount of time used in the application process to foster faster growth and adoption. While other global payment systems take months to process clients’ requests, the Knox Wire application and training process takes two weeks. Cutting the application and training process makes it easy for new institutions to apply. 

Moreover, according to their whitepaper, the Knox Wire payment system does not require dedicated IT personnel or dedicated hardware. Therefore, it’s easier for even smaller institutions to adopt this new network. 

Knox Wire Introduces Cross Border Transfer Efficiency

According to their web page, Knox Wire introduces features to improve its global reach and service offering. Knox Wire CEO Steven McCullah said, “Knox Wire was built to set a new global standard for network size and settlement speed.” Steve’s words indicate that Knox Wire will be targeting to improve the speed of cross-border transfers and the vastness of the network. 

Today, there are a few real-time gross settlement(RTGS) networks that offer fast transaction settlement speeds. However, RTGS networks support very few corporations. While wired systems can support many corporations, transaction settlement is slow. Knox Wire combines the Knox Quantum(RTGS) and Knoxnet(Wired system), both aimed at streamlining transactions. 

The project’s whitepaper indicates that Knox Quantum’s main role lies in offering real-time transactions. It achieves that by using financial messaging systems which send real-time messages to other financial institutions across the globe. Contrarily, Knoxnet’s main role is to facilitate off-network payments, mainly within a country. It allows payments between local partner banks.  

Knox Wire CEO has been giving updates on the project and its reach on his Twitter page. He has also expressed his desire for the project to grow into global adoption.