Wednesday, June 29, 2022
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Knox Wire to boost cross-border payment

Knox Wire, a real-time gross settlement system, has assured Nigerian financial institutions of a seamless solution for communicating and making cross-border payments to over 200 countries in 150 currencies.

The firm said this during a conference on real-time cross border wire network in Lagos.

The Chief Operations Director, Clifford Niemand, who spoke at a conference organised by the firm for top financial institutions, said that due to high demand and rapid expansion of the fintech sector, there had been a huge increase in the need for a secure, ultrafast and cost-effective financial service web-based platform that could accommodate cross-border traction worldwide.

Niemand said Knox Wire evolved and derived from a global financial service organisation that included financial service experience in many global economic solutions with a total organisational value in excess of $10bn.

According to him, the solution ensured sub-two-second processing of payments between Knox Wire financial institutions, prompting settlements to third-party financial institutions.

He said Knox Wire was a world-class system that saved on transaction costs and included a rebate for economising transactions.

Commenting on the development, the Country Representative, Sweetapple Capital, Bode Akinboye, said the conference featured meetings and discussed integration agreements.

The firm said Nigeria’s GDP was expected to reach $445bn by the end of 2022 and boasted of the highest remittance inflows in Africa.

“Knox Wire has garnered huge attention among Nigerian financial institutions and is set to provide an RTGS platform that is not only one of the most feature-rich but is also unparalleled in its speed.

“Knox Wire is one of only three major global solutions but greatly improves upon current offerings by leveraging a correspondent network for off-network payments, advanced technical features to provide near-instantaneous cross-border transactions, anti-money laundering transaction monitoring to prevent fraudulent activity, and a system that integrates seamlessly with existing financial systems,” it stated.

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