01282015Headline:

KTT Transfers (Key Tested Telex)

KTT (Key tested telex) is what banks used to use to transfer and receive funds before the SWIFT system. It is an older form of wire  transfer of funds which  used a telex machine  (instead of the modern digital  data transfer) messages  authenticated by the use of code (key)  numbers. There are 3 stages to a KTT transfer:

Sending Bank sends by telex to Receiving Bank’s KTT Machine a 103 Message (like an MT103)

Receiving Bank Answers Back to Unique KTT Telex Code using its KTT Machine

Sending Bank Sends MT202 Confirmation that funds have been sent

KTT (Key tested telex) is mostly obsolete these days however there are still some bank swho use KTT as a means of receiving and transferring funds. However, because of a massive amount of fraud and scamming using the KTT name and because SWIFT has become so dominant worldwide there is a general reluctance on behalf of banks to use KTT.

One specialist KTT transferer is John McCann who can be contacted at admin@skrbank.com He has several banks who are willing to receive KTT transfers. John explains:

“If funds are clean and clear we can accept KTT cash payments at round about a 12% level of fees and we can accept collateral – requiring a credit line – at round about 60% loan to value, depending on the collateral of course. Once teh funds are in, we then swift them to the receiver’s chosen bank account.”

Banks that receive KTT Key tested telex are few and far between. However – in spite of what the naysayers on forums seem to be saying – there still are KTT receiving banks and you can still get your funds transferred.

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