How To Choose a Travel Rule Solution: 5 Questions To Ask Your IT Team
You are a virtual asset service provider (VASP), and you need to choose a Travel Rule solution. How do you choose a Travel Rule solution? You probably know what you want, but what does your IT Team want? What do they recommend?
Part of your role as a compliance officer is to consider all the possible scenarios and create solutions for these scenarios; moreover, these solutions need to benefit the whole team.
Then you also need to decrease the workflow and make everything as straightforward as possible. To top it all off, you need to reduce the impact of the Travel Rule on your customer’s journey. So, where do you start? How do you please everyone?
We have a hint: ask your IT Team. Ask your IT Team what they want and need. Ask them what they think is important, and half your job has been done for you!
If you don’t see the correlation between a Travel Rule solution and your IT Team, let us help you.
5 Questions To Ask Your IT Team
1. Should we choose an On-Prem or SaaS option?
On-Premise and Software-as-a-Service are 2 possible options to consider for your provider. By defining this, you are already on the right track to choosing a solution. What are On-Prem and SaaS? Click here to find out more.
2. Can we build our own solution?
This is an appealing option, but if your IT Team doesn’t have the know-how or resources, this can be more work than reward. Teams that are not savvy on the topic will need to research it, costing the company time and money that might be better invested in its core business.
3. What are our systems capable of?
Something to establish from the get-go as well. Do you have a solid IT infrastructure? If yes, then it would make the perfect sense to consider On-Prem. You will control the solution’s operational speed, functionality, data, and processes.
4. Data Protection Laws
What are the General Data Protection Regulations in your country? If choosing an On-Prem solution, you can fulfil them 100% as you have access to the data. On the other hand, a SaaS provider cannot offer you the same. It could also happen that the SaaS provider doesn’t need to comply with the same laws or that they will be forced to hand over your customer data to a third party. It is essential to establish this since you will be dealing with very delicate information.
5. What are your wishes in a Travel Rule solution?
Your IT Team has its own additional requirements for a solution, such as monitoring capabilities, reliability, technology stack, etc. Make sure those are considered from the beginning to save yourself time when researching for a Travel Rule solution.
Using their answers, you will have a point of reference when deciding and better understand what to look for in a provider, even before doing an RFI or RFP.
While we are not your IT Team, we are only a click away. For any questions - reach out to us.