Monday, July 4, 2022
HomeTech & PaymentsKnox Wire begins talks with banks on dollar settlement for businesses  

Knox Wire begins talks with banks on dollar settlement for businesses  

Knox Wire evolved was 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 $10 billion.

Knox Wire, a real-time gross settlement company has said it is discussing with Nigerian banks to supply forex to their customers for operations .

Knox Wire Chief Operations Director, Clifford Niemand,  said the banks will be integrated into its Real Time Gross Settlement network that will allow it settle dollar transactions for banks’ customers.

He said that Knox Wire is in final on-boarding stages with a few institutions but remains committed to bridging dollar supply gaps in the Nigerian market.

Niemand said: “Due to the high interest in Knox Wire from Nigerian organisations specifically, Knox Wire has used legal expertise to identify the necessary accreditation requirements to operate in Nigeria.”

“Knox Wire, which operates as a third party between financial organisations, has the necessary anti-money laundering policies and technology in place, and is aware of being subject to due diligence of banking partners.”

According to him, the company complies with necessary documentation such as bank licensing, anti-money laundering technology with ISO accreditations, and necessary non-disclosure documents to protect private information of partners. 

Niemand, said more Nigerian banks will be accommodated in the second phase of the integration .

He said the company has held several meetings with Nigerian banks on its services, adding that many banks have shown interest on its operations.

Niemand said the company has allocated   dollars to support connected banks in meeting customers’ dollar needs in different parts of the world where it operates. 

He assured Nigerian financial institutions of a seamless solution for communicating and making cross-border payments to over 200 countries in 150 currencies.

Niemand 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.

He said Knox Wire evolved was 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 $10 billion.

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.

“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,” the company stated.

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