Firm seals deal with banks, others to drive e-payment

A real-time gross settlement (RTGS) system, Knox Wire, has assured Nigerian financial institutions of seamless cross-border payment using over 150 currencies.

The firm made the submission at a meeting with Nigerian financial institutions in Lagos.

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

According to him, the solution ensured “sub-two-second processing of payments” prompting settlements to third-party financial institutions. He described Knox Wire as a world-class system that reduces transaction costs and includes a rebate for economising transactions.

Country Representative, Sweetapple Capital, Bode Akinboye, said the meeting discussed integration agreements.

The firm said Nigeria’s GDP is expected to reach $445 billion by the end of 2022 and boasts 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 and advanced technical features to provide near-instantaneous cross-border transactions,” it said.