XEROF Chooses 21 Analytics for FATF Travel Rule Compliance

The Challenge

Bridging the conservative financial market with the crypto world is a significant challenge. However, XEROF, Switzerland's leading crypto gateway for real estate, has taken this challenge a step further by incorporating luxury goods into its offerings. To ensure the security of crypto assets, customers, and businesses during transactions, XEROF must adhere to regulatory requirements, including the FATF Travel Rule, which has been in force in Switzerland since 2019.

FINMA, the Swiss financial regulator, was one of the first in the world to implement the Travel Rule and published guidelines explaining how self-hosted wallets are included in its scope. Now, virtual asset service providers (VASPs) must verify their customers' wallet ownership before transacting. To do this, XEROF's team knew they needed an automated method.

"[...] transactions are only permitted from and to external wallets if these belong to one of the institution's own customers. Their ownership of the external wallet must be proven using suitable technical means."FINMA Guidance 02/2019 Payments on the blockchain

The Solution

Looking for Travel Rule solution providers with expertise in self-hosted wallets and Swiss regulations, XEROF turned to 21 Analytics.
21 Analytics' on-premises solution not only ensures the safety of transfers and sensitive data, but XEROF has complete control over where its sensitive data is stored, keeping all information internal, thereby minimising the risk of data leakage and liabilities.

Moreover, as 21 Travel Rule is designed for data protection, XEROF is able to keep competitive business data, including transfer volumes and sensitive customer information, private.

The Results

As regulations take shape worldwide, XEROF counts on 21 Analytics to keep up to date with the dynamic Travel Rule market.

By offering an interoperable solution, 21 Analytics keeps its customers compliant regardless of how regulations and the ecosystem evolve, an unlikely scenario when choosing a centralised vendor that isn't interoperable.
This approach helps XEROF save valuable compliance resources while staying flexible across various Travel Rule solutions.

In addition to ensuring interoperability, XEROF can prioritise customer privacy when trading high-value assets like real estate and luxury goods, with full support from 21 Analytics' secure, on-premises solution.

Nick Ntigrintakis

President, XEROF

“21 Travel Rule is the leading solution that keeps our data safe, a vital requirement for our compliance needs, as our customers’ privacy is of the utmost importance to us”.

Using 21 Analytics' on-premises solution, XEROF:

• Is ensured regulatory compliance with the FATF Travel Rule and Swiss FINMA guidelines, including requirements for self-hosted wallets.
• Can automatically verify self-hosted wallets as required by FINMA.
• Maintains full control over sensitive data, reducing risks of leakage and third-party liabilities, ensuring privacy and security for high-value asset trading, like real estate and luxury goods.
• Keeps competitive data private, such as transaction volumes and sensitive customer information.
• Remains compliant as regulations evolve, saving compliance resources and avoiding vendor lock-in due to 21 Travel Rule's interoperability.