Fastcash and Knox Wire announce global payment partnership. The collaboration, orchestrated by Zed Network, will power as much as $1.2 billion USD per year in volume.
Fastcash leverages a digital gateway that processes cash-ins or cash-outs at physical locations including ATMs, banks, offices, post offices, and retailers. Via smart conciliation process, payments have accurate identification metrics and allow for easy ID verification of agencies or individuals. Fastcash caters to more than 8.6 million Brazilians and powers the transfer of over 10 billion BRL per year, enabling the growth of Brazilian businesses.
Knox Wire has the capacity to process payments to nearly 30,000 financial institutions across 190 countries. Transactions are processed quickly between financial institutions using Knox Wire’s real-time gross settlement system, which keeps track of the progress of every transaction in real-time.
Fastcash will utilize Knox Wire to expand their cross-border payment capabilities and streamline the cross-border payment process. Fastcash will also work with Knox Wire in opening up more efficient access to the Brazilian market. The collaboration will create a solution mutually beneficial to both companies, expanding the potential for cross-border payments to and from Brazil.
Knox Wire’s Chief Executive Officer, Stephen McCullah, said: “The partnership between Knox Wire and Fastcash is an opportunity that will allow both companies to provide better financial services globally for both companies.”
Fastcash Chief Executive officer Renato Da Silva Filho said: “The collaboration with Knox Wire will allow faster cross-border transactions for Fastcash clients while opening up Knox Wire to access the robust Brazilian market.”