Alice Nawfal, with a rich background in blockchain, public policy, and consulting, leverages her extensive experience in business operations and analytics to drive Notabene's growth and operational efficiency.
With many protocols on the market, Notabene simplifies travel rule compliance by integrating multiple messaging layers into one platform.
In response to the sunrise period, Notabene offers a ready-to-use solution today - TRNow. You can exchange data transfers with any VASP, even if they didn’t implement a solution on their side yet. No need for them to sign up for or integrate with Notabene either!
Notabene lets you securely exchange Travel Rule data with any counterparty VASP. Yes, really.
Notabene’s multi-protocol approach helps you comply with the Travel Rule without hindering your transaction flow. Our goal is to instantly and securely connect you with all of your transaction counterparty VASPs despite regulatory complexity. The Travel Rule shouldn’t stop you from sending or receiving funds from certain businesses just because you two use different messaging protocols. Avoid spending time and efforts trying to convince all of your counterparties to sign up for the same network, or worse, joining multiple ones yourself!
1. How do I send a travel rule transfer to a counterparty VASP if...
1.1. I don’t know which protocol they use?
You don’t need to! We integrate the most widely adopted and ready-for-deployment protocols into our platform, so you don’t have to. There is no need to involve your dev team to support multiple protocols, run necessary blockchain nodes, and stay abreast of technical changes. We handle it all! You can think of Notabene’s solution as a switch on top of protocols. This means no more worrying about which protocol to choose for the broadest possible coverage.
Once your Travel Rule transfer is ready to send, our system automatically checks against all integrated protocols, the messaging channel you have in common with the Beneficiary VASP.
1.2. They don’t have any Travel Rule solution in place yet?
This is where our in-house solution, TR:Now, comes into play. It lets you send a Travel Rule transfer to any counterparty, even if they don’t have any solution in place yet! After a counterparty VASP is identified, a Travel Rule transfer is created and sent, the Beneficiary VASP receives an email notification. Once they verify that the address belongs to them, they can access the transfer in their browser securely. For security reasons, their access to the transfer information expires 72h after they open it.
Don’t know your Beneficiary VASP’s designated travel rule email address? Leave it to us! Notabene will help you determine the correct contact information for the Beneficiary VASP.
1.3. Notabene doesn’t support the protocol they use?
You can still meet your compliance requirements and send a Travel Rule transfer. Just like the previous example, Notabene enables transfers to any counterparty VASP, regardless of their protocol usage. See the steps described in 1b above for more.
2. How to receive a travel rule transfer from a counterparty VASP if...
2.1. They don’t know which protocol I use?
If your counterparty VASP wants to send you a data transfer related to an incoming transaction, all they need to do is visit your company’s public profile at Notabene. At the bottom of your profile page, they’ll see all of your supported travel rule protocols with their respective identifiers. The list of available protocols is automatically updated as we integrate new protocols into our platform.
2.2. They don’t have any solution in place yet?
If your counterparty doesn’t have any solution in place but you need them to send you a Travel Rule transfer, simply share with them a link to your company’s public profile on Notabene. From there, after authenticating themselves, they will be able to access a simple form and fill in all of the data required by the Travel Rule and send it straight to your Notabene dashboard.
2.3. Notabene doesn’t support the protocol they use?
You can still meet your compliance requirements and receive a Travel Rule transfer. Following the same process as 2b above, Notabene enables transfers to and from any counterparty VASP, protocol or not!
3. How do I verify my counterparty VASPs?
Each company, regardless of the solution they use, can join Notabene’s public VASP directory for free. They create a profile by providing their license and incorporation information along with any respective supporting documents. This allows us to verify their business listing and issue a “Verified by Notabene” badge. After they have created a verified profile, they will be able to share additional information (e.g., AML/CFT processes) securely with you during the due diligence process.
If you’d like us to verify your counterparty, ask them to create their profile here.
4. How do I manage my transfers?
With Notabene, you have access to a secure, all-in-one dashboard where you can manage and monitor all of your transfers, regardless of the protocol over which they were sent. We make it easy and efficient for your compliance team to manage travel rule transfers from one place, and not have to worry about any underlying protocol complexity.
5. What if my company spans multiple jurisdictions?
If you closely monitor the travel rule implementation trends (because we do!), you might have noticed that some protocols get broader adoption in particular jurisdictions. But, have no fear! This doesn’t mean that you’ll have to sign up for different solutions just because your business is global. Notabene ensures coverage with all VASPs and regions, and offers multi-entity support so you can use one platform for seamless compliance and transaction flows, even if the rules differ from country to country.
Have more questions?
Great, we’ve got answers! To learn more about Notabene’s Travel Rule solution and how it can help you comply with the travel rule, book a demo today!
12 Outcomes from FATF's Oct 2021 Updated Guidance for Virtual Assets and VASPs