Apollo Fintech on Wednesday (Oct. 27) announced its bank wire network, Knox Wire, will debut Jan. 15, 2022, and that registrations are now available for the platform, which can process same-day cross-border payments for almost 20,000 financial institutions around the world.
Knox Wire’s network can be used by central banks, commercial banks, credit unions, loan associations, investment companies, brokerage firms, insurance companies, mortgage companies and most other financial institutions to send payments down the block or around the world.
It can also be a regional real-time gross settlement system, according to the announcement.
Knox Wire uses bidirectional messaging and anti-money laundering technology to reduce the average international wire wait time of three to five days to as little as 2 seconds, according to the announcement. It integrates almost all mainstream banking systems, using API, and the company’s development team can help with integration and maintenance.