To solve the Travel Rule requirements, numerous protocols have been created. The Travel Rule Protocol (TRP) is, in our opinion, the cleanest and all-around most streamlined solution. This is why the 21 Analytics team has decided to contribute to its development and evolution.
The 21 Product Family has been working on making the TRP protocol as straightforward as possible while focusing strongly on security with the product userflow. Security is the cornerstone of TRP since financial data associated with personal information can be highly compromising for individuals, so privacy is a must.
Let’s now break down how this userflow works to get a deeper understanding of how to use the 21 Product Family products:
A beneficiary VASP creates a Travel Address for one of its users.
An originator VASP sends a transaction request to a beneficiary VASP using this Travel Address.
The beneficiary VASP runs chosen regulatory and security checks on the originator User. If it gets declined, this is then archived.
If the beneficiary VASP approves, the originator VASP performs the on chain transaction and notifies the beneficiary of the transaction by clicking on Confirm. The originator can also opt to not perform the on chain transaction and notify the beneficiary by clicking on Cancel.
Bear in mind this is an explanation of the userflow in our product; for a more in-depth explanation, of the protocol check TRP.