21 Travel Rule: Version 5 Released
Make way for big changes! 21 Analytics is pleased to announce the latest 21 Travel Rule software updates.
Our first version of 21 Travel Rule had full support for TRP 1 and OpenVASP 2, making it the first and only multi-protocol Travel Rule solution on the market. Since then, a lot has happened:
In Version 2, we improved VASP discoverability supporting Travel Addresses. The Travel Address workflow lets companies know where to send Travel Rule information and securely exchange transfer data instantaneously.
With Version 3, we made major changes to the architecture of the software, providing VASPs with more flexibility, stability and security. The changes simplified the VASP user experience even further - compliance officers could collect and review more information about a specific transaction, address, and customer-specific data. We’ve added support for the Address Ownership Proof Protocol (AOPP), a simple and automated solution for providing proof of ownership of a self-hosted wallet's (unhosted wallet) address.
Version 4 saw the functionalities get smarter. VASPs could now support offline transactions, that is, the registration of transactions not obtained via protocols and support registration of transactions via email. Fiat prices could be quickly checked to help make informed decisions on whether to flag a transaction or not.
The improvements didn’t stop there; AOPP now supported Ethereum addresses on top of the BTC already available.
Our latest version, Version 5, offers a sleek user experience while complying 100% with the Financial Action Task Force (FATF) Travel Rule. New functionalities have been added, some of which superseded others, making it more straightforward for you to use.
Version 5 fully supports adding screenshots when manually archiving a transaction and has the option of downloading individual reports of archived transactions. Additional support was added for manual address ownership proofs and screenshots for address ownership proofs.
Version 5 not only supports the latest version of TRP, but it also supports ETH in AOPP for Ledger. The software now also boasts a visible Address Book tab.
But the newest functionality we are proudest of is the accept and decline transaction buttons. This option will save VASPs valuable time and provide further safety measures as now VASPs can decline transactions before sharing the crypto address with the originator.
What’s New in Version 5?
A lot is new, so let’s break it down.
There is now a clear division between inbox/waiting/archived. The waiting option is brand new and comes with some exciting new features.
While the inbox isn’t a new addition, these features are! You can now see:
A send transaction button,
An informative status field,
A brand new function - confirm and decline buttons,
A Download Report button.
More functional buttons mean less time aimlessly clicking around.
When sending a transaction, you can see
The Travel Address under Beneficiary Info, instead of the regular address
The Travel Address shows if it's valid, and there’s an easy reset button,
The Beneficiary VASP is auto-completed when sending a transaction notification.
The Transaction Output Index (VOUT) and Transaction ID input boxes have been removed,
The Originator’s wallet address has been removed.
These changes mean less time spent on data input.
That brings us to the Archived section. Here you will see
An informative status field,
A Download Report button,
You can now Archive a New Transaction,
The VOUT input box has been removed,
In the Originator Information, you can now upload a screenshot as proof.
Next up, we have Self-hosted Wallets,
You can now add screenshots as an address ownership proof.
Counterparty VASPs are now clearly visible in its own tab, enabling a faster user experience! And the cherry on top is the newly added TRP Users section, which provides the option to also use TRP 2.1 without needing any API integration.
Both these sections offer a more streamlined user experience.
Many changes and modifications have been made to give you version 5, resulting in an enhanced user experience. Which, in turn, means more time. More time on your hands to do what you really want to be doing.
Want to know more? Better yet, want to try out our new features?
Let us know; we are a click away.