Offer Your Own Travel Rule Solution: 21 Travel Rule - Provider Package
Due to the roll-out of the Financial Action Task Force’s (FATF’s) Travel Rule in several jurisdictions, virtual asset service providers (VASPs) can no longer transact freely; new challenges have been added for the compliance team to contend with.
VASPs urgently need to comply with the Travel Rule to ensure they are able to transact unhindered. If you already offer services to VASPs, you can leverage your positioning and add a much-demanded solution for the pain your customers currently experience.
The 21 Travel Rule - Provider Package allows you to become the complete solution provider quickly and with an out-of-the-box experience.
How Does My Company Benefit?
As mentioned above, the FATF’s Travel Rule is being rolled out globally, and VASPs can no longer transact without adhering to its regulations: the need to request, verify and store customer personally identifiable information (PII) for virtual asset transactions.
As the provider, you will have the choice of running an unaltered 21 Travel Rule instance per customer, or you can develop a custom user interface on top of 21 Analytics’ API. This allows you to further demonstrate to your customer that you can offer a tailored solution to their needs, emphasising that your company provides a comprehensive solution for cryptocurrency compliance.
Secondly, with the 21 Travel Rule - Provider package, you can not only upsell your valuable offering to your current customers but also increase market share by converting new ones. By offering your own Travel Rule solution, your customers do not need additional providers to continue their business. You will offer your customers everything they need to tackle the Travel Rule.
It isn't easy for customers to develop or build their own solutions. It can be time-consuming and costly for them, which is where you come in. With your solution, you are offering a product that is up to date with the latest available technology, and they won’t need to keep tabs on the relevant Travel Rule protocols. Actually neither will you, as the 21 Analytics development team constantly keeps track and implements the most relevant communication standards.
On top of enabling you to provide a complete solution for crypto compliance, 21 Travel Rule also empowers your brand to be a comprehensive risk mitigator partner for VASPs. Leveraging the collection of originator and beneficiary information, your customers will be able to better manage their risk-based approach and mitigate money laundering and financing of terrorism risks.
Lastly, you will be in complete control as the software will run with you, which means the customer stays with you. Because you are only running the software, no in-house product development is needed, so you can start offering the product immediately.
What Is the 21 Travel Rule - Provider Package?
The Provider Package comes with many features, all tailored to streamline compliance with the Travel Rule while allowing communication with several VASPs by leveraging a multiprotocol approach.
21 Travel Rule Terminal: this is the product your customer’s compliance team will use to conduct their day-to-day business. Here they can easily send and receive notifications, and approve and decline transactions according to their risk appetite.
Compliance officers will be smiling with the number of product functions available.
Because 21 Travel Rule is multiprotocol, they won't be limited to just transacting with products that share the same protocol. A VASP’s reach is extended, as they can transact with numerous protocols (products).
There is an email fallback solution for outgoing transactions. This feature allows VASPs to continue transacting irrespective of their counterparty’s Travel Rule readiness.
Your customer can receive inbound transactions from not-yet Travel Rule compliant VASPs.
VASPs can manually add transaction information received from users, which can be archived for future reference.
Data can be easily exported for the VASP team’s or a financial intelligence unit’s analysis.
Transacting with self-hosted wallets (unhosted wallets) is also covered. The three most salient methods of proving ownership of self-hosted wallet ownership are available. With AOPP, proof of ownership can be obtained automatically. There is also the option to archive manual signed messages and screenshots to accommodate a VASP’s preferred proof of ownership method.
Risk ratings can be provided. One of the many benefits of risk ratings is that it allows VASPs to know-your-transaction (KYT). Blockchain analytics providers can be added as per your customer’s demand.
21 Travel Rule - Provider Package Features Explained
There are no limits regarding the number of transactions conducted or the number of users registered using it; it’s unlimited!
All data is held on premises; 21 Analytics has no access to it.
As part of the included software subscription, there are ongoing bug fixes, product updates and upgrades.
Add-ons to 21 Travel Rule include 21 Virtual Counter and 21 Sunrise at no additional cost!
21 Virtual Counter allows VASPs that do not have resources to maintain or change their user interface to request Travel Rule data frictionlessly. VASPs will be able to white-label deposit-and-withdrawal end-user interfaces, further enabling compliance with the Travel Rule.
21 Sunrise is the solution to the sunrise issue. 21 Sunrise is a Travel Rule fallback solution for incoming transactions from counterparties who do not have a Travel Rule solution in place, which allows for continued transactions and not losing business!
Are There Additional Services?
3 different support services are available on top of the bug fixes, product updates, and upgrades mentioned previously.
You have the choice of:
Technical support covers setting up and configuring the server and software and your day-to-day support requests.
Custom development & consultation, this service focuses on API integration and any other customisations you may have in mind.
Priority technical support, multi-channel and available day or night - we know crypto doesn't sleep.
With the 21 Travel Rule - Provider Package, you can offer your customer’s a holistic solution that keeps them transacting unhindered while remaining compliant with the Travel Rule. With your product, your customers will be able to do everything and more.
Chat to one of our experts today and learn how you can become the complete solution for your customers.