When a valid Key-Tested Telex (KTT) instruction is received from a correspondent bank, Prominence Bank first verifies the authenticity of the message and test keys, followed by full compliance, AML/CFT, and operational review.
KTT instructions are not limited to funds transfers. Depending on the nature of the message, Prominence Bank processes KTT communications for, among others:
- bank-to-bank authenticated communications,
- receipt, advisement, or confirmation of bank instruments (including Standby Letters of Credit and Bank Guarantees),
- MT103 one-way messages used for credit enhancement or proof of funds,
- block or earmarking of funds,
- conditional instructions related to settlement, custody, or correspondent arrangements.
Where a KTT instruction involves the movement of funds, settlement is executed exclusively through regulated banking rails (such as SWIFT and correspondent banking networks), and funds are credited only after settlement is fully completed and posted. Where the instruction is non-monetary, the Bank processes, records, and applies the instruction strictly according to its nature, mandate, and applicable banking regulations.
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