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Travel Rule Protocol (TRP) Flow

To solve the Travel Rule requirements, numerous protocols have been created. The Travel Rule Protocol (TRP) is one of these solutions, distinguished by the fact that it is an open standard, and participation in the protocol is completely permissionless. The 21 Analytics team contributes to its development and evolution.

21 Analytics develops 21 Travel Rule to make TRP straightforward to use while protecting the personal and financial information exchanged between VASPs.

The following steps describe the TRP flow in 21 Travel Rule:

  1. A beneficiary VASP creates a Travel Address for one of its users.

  2. An originator VASP sends a transaction request to a beneficiary VASP using this Travel Address.

  3. The beneficiary VASP runs chosen regulatory and security checks on the originator User. If it gets declined, this is then archived.

  4. 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 user flow in our product; for a more in-depth explanation of the protocol, check TRP.