[NEW YORK, LONDON, December 5, 2023] - Notabene, the trusted leader in crypto pre-transaction decision-making, announces SafeGateway, a new solution that facilitates VASP-to-VASP interactions across various protocols. This innovative tool streamlines compliance with the Travel Rule, making it easier for virtual asset service providers (VASPs) and financial institutions to connect and transact across diverse protocols. SafeGateway is a game-changer in crypto compliance, offering unmatched ease in connecting with global counterparts and managing regulatory requirements, all through a single, user-friendly platform.
The need for SafeGateway arises from the lack of interoperability among Travel Rule compliance solutions. According to Notabene's 2023 State of Crypto Travel Rule Compliance report, 24% of surveyed VASPs identified protocol interoperability as a compliance challenge, with 20% concerned about protocol fragmentation.
Additionally, the Financial Action Task Force (FATF), the anti-money laundering watchdog that extended the Travel Rule to crypto transactions, continuously urges the industry towards interoperability. In its 2022 and 2023 Targeted Updates on Implementation of the FATF Standards on Virtual Assets and Virtual Asset Service Providers, FATF consistently urged the development of global, interoperable solutions that align with varying jurisdictional requirements, encouraging the private sector to advance interoperability through technological means or collaborative efforts.
SafeGateway emerges as Notabene’s response to this interoperability puzzle by facilitating interoperability between VASPs instead of between protocols. By offering three gateway configurations to the 5+ protocols on the market, SafeGateway provides customers with maximum reach to counterparty VASPs and institutions globally to transact safely with counterparties across disparate networks while catering to their particular security needs. This development is vital as the alternative is that companies cannot transact with counterparties who are not on their protocol.
SafeGateway is a timely solution, considering major enforcement deadlines are approaching, such as the European Union's December 30, 2024 deadline. Starting January 1, 2025, all 27 member states will have to comply with the Travel Rule, and so will their major transaction counterparties. SafeGateway allows VASPs to bypass the complexities of integrating several protocols to reach their transaction counterparties on closed networks.
How it works: Notabene’s in-network VASPs request access for specific protocols and, once approved, integrate the protocol access code into their server. SafeGateway automatically selects the appropriate protocol for Travel Rule data transfers to other network VASPs and manages the data flow. Transactions are completed and returned via SafeGateway. Customers can monitor and manage these data transfers using Notabene's compliance dashboard, allowing compliance officers to enforce consistent jurisdictional standards, apply unified rules, and produce detailed transaction reports.
“By enabling different, currently isolated protocols through SafeGateway, our customers can reach new counterparties that were not interoperable previously. This innovation aligns with Notabene’s neutral view towards protocols, and we are eager to work with them as long as they meet security and Travel Rule requirements,” said Andres Junge, CTO of Notabene. “SafeGateway is just the beginning of several initiatives we are introducing as a call to action for the industry to collaborate to achieve compliance without hindering transaction flows.”
SafeGateway represents more than just a compliance solution; it's a step towards a more interconnected and efficient future in digital asset management. By simplifying complex compliance hurdles, it opens up new possibilities for VASPs around the world. As Notabene continues to innovate, SafeGateway sets the stage for what's next in crypto compliance. Notabene continues to lead the way in creating a more seamless, compliant, and connected digital asset world.
Notabene invites the industry to connect with their Travel Rule solution that meets today's regulatory demands and anticipates and adapts to future needs and requirements.
Sacha Lowenthal, Head of Marketing
Notabene developed the crypto industry's only pre-transaction decision-making platform, enabling customers to identify and stop high-risk activity before it occurs. With a focus on security, privacy, and user experience, Notabene's multi-source data and software enable real-time decision-making, counterparty sanctions screening, self-hosted wallet identification, and more. SOC-2 security certified and trusted by over 100 companies, Notabene operates globally with headquarters in New York with a presence in Switzerland, Singapore, Germany, and the United Kingdom.
Companies like Copper, Luno, Crypto.com, and Bitstamp leverage our SafeTransact platform for Travel Rule compliance, tailored to their needs and aligned with global and local regulations. Our platform builds trust in virtual asset transactions to foster financial growth with minimized risk.
Get started today; sign up for our free SafeTransact Riseplan to respond to regulated transactions for free using the world's largest VASP Network of over 1,000 members.