In the past, a telegraphic transfer (TT) involved one bank sending a cable message to another bank to facilitate the transfer of funds. Before electronic payment networks came into being, banks typically relied on telex messages. Now, the term is used interchangeably with wire transfers and electronic transfers. For example, while the use of the term telegraphic transfer remains common in the UK and Australia, use of the term wire transfers is more prevalent in the U.S.While much of the modern day international telegraphic transfer technology is based on the SWIFT network, various central banks have their own real-time gross settlement (RTGS) systems in place. These include Fedwire (the U.S.), CHAPS (the UK) and TARGET2 (Europe).