Outgoing Transaction

Note: We recommend that you automate this manual process using the API.

Use Case

Click the Outgoing Transaction button when your customer is the originator of the transaction. This will notify your counterparty VASP about the transaction, including all required Travel Rule data. Depending on the counterparty VASP, 21 Travel Rule will automatically pick TRP or email to send the notification.

For email notifications, the presence of the transaction ID will determine whether the email will contain a request to the counterparty to confirm the correctness of the beneficiary details. Upon which you will proceed in executing the transaction on the blockchain. This is typically used when the beneficiary details are provided by your customer. See below for more details.

Step-by-step Guide

Clicking the Outoging Transaction button will prompt a three-stage form pop-up consisting of:

1. Beneficiary Information

The Beneficiary Information step of the form will show two options depending on the protocol the counterparty VASP uses.

TRP

If a valid Travel Address is provided by your counterparty VASP this means you can use the TRP protocol.

Natural or Legal Person

You can send to both natural or legal beneficiaries. If a Travel Address is used, the first and last name (in the case of a natural person beneficiary) or the legal name (in the case of a legal person beneficiary) must match the one associated with the Travel Address as found in the corresponding Address Book entry.

Travel Address

The Counterparty VASP must provide the Travel Address. This Travel Address contains information about the customer of the Counterparty VASP that wishes to conduct the transaction. If this is introduced correctly, 21 Travel Rule will infer which counterparty VASP data the Travel Address is associated with.

Email

If a VASP does not have TRP as a fallback, email can be used. To use this protocol, you can simply add a Wallet Address instead of a Travel Address.

First Name

The first name of the customer who owns the Wallet Address.

Last Name

The last name of the customer who owns the Wallet Address.

Wallet Address

A Wallet Address with the correct format for any of our supported digital assets.

2. Digital Asset

This step will show different fields depending on your chosen protocol in the Beneficiary Information step. You will see the following fields on both flows:

Digital Asset

Here you can find a list of all the assets we support. 21 Travel Rule supports the complete list of ISO24165 DTIs (Digital Token Identifiers). If you can't find an asset, you can always contact 21 Analytics and request to add an asset. You should choose the digital asset used in the transaction.

Amount

The amount of the digital asset selected for the transaction.

TRP

If you are using the TRP protocol, you will now see the second step of the form:

Email

If you are using the Email protocol, you will now see the second step of the form:

This has some additional fields apart from Digital Asset and Amount; these are:

Beneficiary VASP

A choice of trusted counterparty VASPs maintained at Counterparty VASPs. You should choose the VASP the beneficiary has an account with.

Transaction Status and the Transaction ID (TxID) field

The encrypted Email protocol for outgoing transactions supports two different workflows with two different email contents:

1. If the transaction has been executed, the email will simply share Travel Rule data with the beneficiary VASP.
2. Alternatively, you can ask the beneficiary VASP for confirmation of the Travel Rule data before executing the transaction.

Thus, the form will ask you to choose between those two variants, and if you chose number 1, it will ask you for a transaction ID as well:

3. Originator Information

The third and last step of the form is the Originator Information.

Here you will find the following steps:

Originator Name

The name of your customer. The options in the drop down are fetched from the address book.

Customer Identification

This is a data point that allows to uniquely identify your customer. Typically a Passport Number, Phone Number, Date of Birth or Bank Account Number.

Street Name (optional)

The name of the street the originator customer of your VASP resides at on their ID. This is optional unless you are using TRP. If TRP is used, either this field or Address Line is required, as well as the Building Number.

Building Number (optional)

The building number on either the street or address in which the originator customer of your VASP resides at on their ID. This is optional unless using the TRP flow. This would be required alongside either the Street Name or Address Line fields.

Address Line (optional)

The Address Line where the originator customer of your VASP resides, as shown on their passport or ID. This is optional unless using the TRP flow. If TRP is used, either this field or Street Name is required, as well as the Building Number.

Postal Code

The postal code of the originator customer of your VASP. This postal code is tied to the address on the customer's passport or national ID.

City

City where the originator customer resides.

Country

Country where the originator customer resides.