First the smoke signals, then the carrier pigeons and now the Telex. BA-CA says December 31, 2004 will be the last day customers can reach the Austrian bank by Telex.
“As SWIFT is the only communication method for all Custody-related instructions or information, and as Telex messages have become very rare in Austria anyhow – most of the international banks do not support it anymore -, this deactivation will not have a great impact on you as our Custody client,” BA-CA said in a news flash.
The Telex machines will not be completely tossed out, however. BA-CA said telefaxes will be used as sole back-up communication method in case of a SWIFT failure.