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Old 08-09-2013, 05:10 AM
 
Location: Roanoke, VA
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Do banks & other businesses still use Telex machines? Or have these been replaced by the Internet & e-mail?
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Old 08-13-2013, 11:14 AM
 
Location: Sunnyside
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I hope the answer to this question is no. Why have another machine to do what your cell phone can do better?
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Old 08-15-2013, 06:51 PM
 
Location: Roanoke, VA
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Because letters of credit have been done on telex machines due to how these instruments function. A cell phone won't do. I don't know that banks would do these transactions via email.
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Old 08-15-2013, 09:31 PM
 
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The US banking systems is pretty highly regulated. The Federal Reserve has standards for everything and a small army of bank examiners to verify compliance. The modern term is "electronic funds transfer" and that include all the various methods that are still done via the interbank routing number system printed on checks.

I suspect there are less technologically strict countries that do use a clickity-clack Telex printer as part of "wiring funds" becuae the legacy of secure wired transfers is easier to deal with that possible fraud of local bad guys, but you'd have to google that...

Let's see what google says...
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Old 08-17-2013, 02:33 PM
 
Location: Roanoke, VA
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My interest was letters of credit which are often governed in the U.S. by Article 5 of the Uniform Commercial Code. This financial instrument is often used in international trade. They are sometimes referred to as documentary credits. There are international standard that the parties agree to use such as the ICC's Documentary Credits (UCP 600). The group involved in this is:

SWIFT

I was curious if telex machines are still used for letters of credit or whether letters of credit are done via the Internet. Long ago, they were handled by telegram.
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