Because TED is not the only way to send money now...? It's basically legacy, although yes, still used.
Very rare you'll see Person to person/business using TED. Basically business to person...
And yes, literally banks had to "talk" with each other. Which is why it was paid and slower in first place and didn't worked 24/7.
And yes, literally banks had to "talk" with each other. Which is why it was paid and slower in first place and didn't worked 24/7.