1. Introduction
Prominence Bank is committed to providing secure and efficient Key Tested Telex (KTT) services to facilitate international financial transactions. This policy outlines the terms, conditions, and procedures governing KTT transactions to ensure compliance, security, and customer satisfaction.
2. Eligibility
The Key Tested Telex Transfer (KTT) service is automatically enabled upon account opening. No additional request or activation is required.
3. Transaction Limits
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Minimum tranche size: €10 million per transaction
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Maximum tranche size: €500 million per transaction
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Frequency: No restrictions on the number of daily tranches
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Note: These limits are non-negotiable and cannot be modified.
4. Fees and Charges
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Incoming KTT transactions: 1.5% fee applies
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Outgoing wire transfers: 1% fee plus SWIFT/SEPA costs
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Note: Prominence Bank does not impose upfront fees; charges apply only after the requested service is completed.
5. Transaction Types
Prominence Bank supports:
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Cash transfers
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Bank instruments
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Direct bank-to-bank communications
This flexibility allows us to accommodate a wide range of client requirements.
6. Client Responsibilities
If you have provided KTT instructions to your remitter, it is your responsibility to fully understand and manage the nature of the transactions being sent to your account. Prominence Bank:
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Is not involved in agreements, terms, or instructions exchanged between you and your remitter.
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Will not process or review pending KTT transactions if your account is in delinquent status or not in good standing.
7. KTT Transaction Policy
Prominence Bank will credit your account with whatever is received as per the remitter’s bank instructions. However:
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No guarantees: We do not guarantee the nature or outcome of any transaction initiated by another bank or remitter.
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Non-involvement: We do not participate in, or provide guarantees for, transactions you or your remitter initiate.
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Responsibility: Only you and your remitter can confirm transaction details before they are processed.
8. Security and Compliance
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Verification: Clients are advised to conduct due diligence and, where necessary, consult with our team before initiating KTT transactions.
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Compliance: All transactions must comply with Prominence Bank’s compliance and regulatory requirements.
9. Confidentiality
All incoming and outgoing transactions are processed through Prominence Bank’s trust accounts, ensuring maximum discretion and the protection of account holder information.
10. Amendments
Prominence Bank reserves the right to amend this policy to comply with regulatory changes or enhance service quality. Clients will be notified promptly of any significant updates.
11. Contact Information
For assistance or inquiries regarding KTT transactions, please contact our Help Desk at helpdesk@prominencebank.com. Our team is available 24/7.
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