Sumsub enhances its Travel Rule solution by
integrating with 21 Analytics, helping VASPs stay fully compliant
worldwide
LONDON, June 19, 2024 /PRNewswire/ -- Sumsub, a global
full-cycle verification platform, is pleased to announce a new
partnership with 21 Analytics, a Swiss-based Travel Rule compliance
software provider.
According to FATF recommendations for Travel Rule compliance,
VASPs in certain jurisdictions such as the UK, Germany, Switzerland, Singapore and Hong
Kong must ask their customers to prove the ownership of
unhosted wallets. This partnership with 21 Analytics enables Sumsub
to offer its global crypto clients a streamlined way to collect
such proofs.
Self-Hosted Wallet Verification is now incorporated into
Sumsub's Travel Rule solution. This feature allows VASPs to ask
their users to verify that their unhosted/self-hosted wallets
belong to them and record the result for compliance purposes.
Moreover, it can be seamlessly integrated with other Sumsub
features like VASP Attribution or Risk Scoring.
Thanks to this partnership, VASPs serving customers across
various jurisdictions will have full crypto compliance coverage,
and no need to navigate complex compliance requirements on their
own.
"Sumsub has built its Travel Rule solution on the premise
that VASPs should not be constrained by technology used by their
provider," comments Ilya
Brovin, Chief Growth Officer at Sumsub. "We have
therefore partnered with key players to integrate best-in-class
solutions, such as AOPP from 21 Analytics for unhosted wallet
verification, alongside VASP discovery using leading blockchain
analytics platforms."
"It is a pleasure to support Sumsub's VASP customers with 21
Analytics' leading solution for Travel Rule compliance when
transacting with self-hosted wallets," said Lucas Betschart, CEO at 21 Analytics.
"This partnership enables more crypto users to prove wallet
ownership in a frictionless way, allowing VASPs to be compliant
without compromising on user experience, a key step for crypto mass
adoption."
About Sumsub
Sumsub is a full-cycle verification platform that secures the
whole user journey. With Sumsub's customizable KYC, KYB,
Transaction Monitoring, Fraud Prevention and Travel Rule solutions,
you can orchestrate your verification process, welcome more
customers worldwide, meet compliance requirements, reduce costs,
and protect your business.
Sumsub has over 2,000 clients across the fintech, crypto,
transportation, trading, e-commerce and gaming industries including
Bitpanda, Wirex, Gate.io, Avis, Bybit, Huobi, Kaizen Gaming, and
TransferGo.
About 21 Analytics
21 Analytics is the leading provider of Travel Rule compliance
software, enabling VASPs to keep transacting virtual assets in and
out. 21 Travel Rule facilitates communication with counterparties
globally, including self-hosted wallets, through its privacy-first
approach.
Leveraging its experience to combine compliance with data
protection for financial intermediaries and their customers, 21
Analytics has been a leading developer in the Travel Rule ecosystem
since 2020. 21 Analytics co-developed TRP, the only open-source,
royalty-free standard for VASP-to-VASP communication, and built
AOPP, for straightforward wallet verification.
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