What is a Key Tested Telex (KTT) Transfer?

What is a Key Tested Telex (KTT) Transfer?

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 a key exchange. 

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