By clicking “Accept”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. View our Privacy Policy for more information.

New Product Release: Learn Why Your Counterparty Declined Data Transfers

The Notabene Team
The Notabene Team
October 11, 2022
A member of the Notabene team crafted this post.
Table of Contents
Summary

Hi there!

We’re excited to share our most recent product release with you. This release brings the launch of SafePII, the first end-to-end Encrypted Escrow Service for personally identifiable information (PII). We’ve also made it easier for you to get a response on your outgoing transactions from counterparty VASPs, as well as to instantly learn the reasons your Counterparty VASP declined data transfer, and much more!

The good news doesn’t stop there. In October, we’re also launching a customer exclusive ‘Product Update Demo’, where our product team will walk you through the features from the latest release and demonstrate how you can benefit from these updates. To sign up for the first demo, click here

1. Encrypt End-User Data with Notabene’s SafePII

End-user data security and privacy is one of our fundamental values at Notabene. This is why we’ve added three encrypted escrowed PII transmission methods to our advanced security infrastructure. The protocol-agnostic SafePII service leverages state-of-the-art cryptography to protect PII—every piece of PII data is individually encrypted and stored in a safeguarded, limited-access datastore.

How to access this feature:

The good news is that you don’t actually have to do anything. You are already using SafePII’s hosted encryption flow behind the scenes. To take it a step further and use your own encryption keys, please reach out to the team for guidance.

All customers have access to the Hosted SafePII flow. To encrypt/decrypt customer PII within the dashboard, login to the Notabene App -> Transactions -> Select the Transaction (i) -> Select “Conceal” at the top right hand corner. 

Click here to learn more about SafePII.

2. Get a response on your outgoing transactions from counterparty VASPs, even if they don't yet comply with the Travel Rule

In response to the Sunrise Issue, we’ve created a new transaction response status. With the newly launched “Not ready to respond” status, your counterparty VASPs who don’t yet have a Travel Rule solution in place can easily acknowledge the receipt of your data transfers without taking any further action. This allows you to reduce the number of transactions stuck in the “Sent” status and to make an informed decision on whether to send a blockchain transaction or not. 

When responding, Beneficiary VASPs can indicate the reason for not being able to fully respond at the moment, including: 

Not ready to respond reasons include:

  • Currently in the process of implementing the Travel Rule
  • Not able to verify the receiving blockchain address
  • Travel Rule requirements are not yet in force in my jurisdiction
  • Other (free input field, active only when Other selected)

3. Instantly learn why your Counterparty VASP declined data transfers

In this release, we have also introduced a quick and simple way for Beneficiary VASPs to indicate their reason for declining data transfers. This allows you to quickly react and understand what the next steps are required in order to facilitate a compliant transaction.

New declined reasons include:

  1. Beneficiary details are incorrect
  2. Beneficiary details are missing
  3. Potential sanctions hit on the originator
  4. Others: Free text field

How to access this feature:

4. Better search filters to easily find VASPs within the Network

We’ve enhanced our filters in the Notabene network so that you can easily navigate through the Network and find the VASPs you’re looking for. 

5. Download all transaction data into a CSV file 

Finally, in this release we have also introduced the ability to "download all transaction data into a CSV file". This update enables Notabene customers to use their transaction data to perform analysis or produce in-house reporting that can be shared with their regulators. 

References

FAQs