KTT stands for “Key Tested Telegraphic Transfer.” It is a type of wire transfer that involves the transfer of funds from one bank to another through a secure, tested telegraphic communication system.

Here’s how KTT transfers typically work:

Initiation: The sender initiates the transfer by providing the necessary information to their bank, including the recipient's bank details and the amount to be transferred.

Encryption: The sender's bank encrypts the message containing the transfer details and sends it to the recipient's bank via the secure, tested telegraphic communication system.

Verification: The recipient's bank verifies the details of the transfer, including the identity of the sender and the availability of funds. If everything checks out, the recipient's bank will proceed with the transfer.

Funds Transfer: The recipient's bank credits the recipient's account with the transferred funds.

Confirmation: Both the sender's and recipient's banks confirm the completion of the transfer.

KTT transfers are considered to be a secure and reliable method of wire transfer, as they use encrypted communication and are subject to strict security measures. However, like any financial transaction, it’s important to be cautious and only transfer funds through reputable, secure channels.