What is a ‘Telegraphic Key Note Wire Transfer (KTT) MT103 One-Way’?

What is a ‘Telegraphic Key Note Wire Transfer (KTT) MT103 One-Way’?

KTT = Key tested telex transfer

Key Tested Telex … an old way to make a transfer of funds. Actually it is still in use in some countries such as Africa because they only have 1 or 2 hours on the SWIFT and they have to dial in, so they use telex for most of their bank-to-bank communications with counterparts they have key exchange.