21 Travel Rule: Version 7.4.0 Released
The latest 21 Travel Rule Version 7.4.0 release significantly improves how VASPs manage counterparties, evaluate risk, interact with wallets, and much more.
With this latest update, VASPs experience even further streamlined functionalities with continued global Travel Rule compliance.
21 Travel Rule 7.4.0: A Smoother, Smarter Compliance Experience
Smarter Counterparty VASP Management
We have refined how Counterparty VASPs are labelled and managed. With version 7.4.0, Counterparty VASPs may now fall into one of three statuses:
New (Untrusted)
Trusted
Blocked
This distinction clarifies which VASPs have been auto-discovered (untrusted status) and need to undergo due diligence processes before transactions can be received from them. Only once they are marked as Trusted will transactions become actionable.
Additionally, VASPs can mark riskier, unlicensed or undesirable Counterparties as Blocked, thereby inhibiting transactions from them in the future. This update prevents operational challenges of receiving uncompliant funds, minimising common Travel Rule hurdles.
The Compliance Dashboard also displays the number of new VASPs waiting to be vetted, helping VASPs stay on top of due diligence processes.
Find out more about 21 Travel Rule’s VASP Auto-discovery feature.
Native Integration with 3 Risk Providers
VASPs have always been able to integrate their preferred address risk provider within the software, but now we support three new solutions out of the box, in addition to Chainalysis and Beosin. This means easier access to information when reviewing Travel Rule data for better risk assessment when and where VASPs need it.
The V7.4.0 update now includes Crystal, Global Ledger, and Merkle Science as integrated blockchain wallet risk providers.
AOPP Portal Enhancements
The AOPP Portal has received several improvements, making it even more intuitive.
These include:
We have added support for TronLink Wallets and more tokens, in addition to existing blockchains like BNB, TRON, Solana, and 2000+ supported digital assets.
BitBox users can now prove ownership of their chosen wallet address when making deposits to their VASP.
Support for uncompressed public keys for all Bitcoin ownership proofs.
Mobile UI enhancements, for example, an improved success screen.
Clearer error messages for users, allowing for speedier solutions.
Prepopulated Emails and Improved Emails
For non-TRP VASPs, encrypted emails have always been an option. Now, to further streamline processes, a database of prepopulated VASP Travel Rule emails is available for even swifter and more efficient Counterparty contact.
Additionally, all exported .xlsx files now carry risk scores from any integrated provider and xPubs for deeper wallet insight, resulting in more transparency and better data control in the event of audits.
Clearer Labels and UI Refinements
We have improved our naming conventions for a better user experience and clearer product flow. Some examples include:
"Expected Wallet Address" is now "Customer's Wallet Address" on the AOPP Portal form;
"Archive New Transaction" is now "Incoming Transaction" on the Transactions Page;
"Send New Transaction" is now "Outgoing Transaction" on the Transactions Page;
"Auto-approve" is now a toggle button on the Counterparty VASP page;
"Originator Name" instead of "Originator";
"Cancel" is now "Cancel Transaction";
On outgoing transactions, radial options have been added asking if transactions have been executed;
On incoming transactions, radial options have been added asking if you need to confirm the data with the Originator VASP.
With the latest 21 Travel Rule upgrade, VASPs ensure full compliance with the FATF Travel Rule. To explore the full release, see the latest product release notes, or get in touch.
