8 Reasons to Choose Veriscope, Crypto’s Most Frictionless & Secure Travel Rule Solution
From an industry-leading solution to the Travel Rule to a truly frictionless customer experience, this is what CCOs and CEOs should know about our FATF Travel Rule solution — and why you should use it.
To comply, or not to comply? That is the question for many VASPs (Virtual Asset Service Providers) in blockchain and crypto. Uncertainty and apprehension are not entirely surprising given the current regulatory landscape, where implementation of the FATF’s guidance on VASPs has been overly nebulous. We know that for many, compliance is considered an unnecessary cost and confusing path to navigate, where FUD exists around PPI (Protected Personal Information) and data security, decentralization, and interoperability. We’re here to change that.
Shyft Network Core Team Open Sources Veriscope, Makes Travel Rule Compliance Open, Free, and…
We’re making our decentralized compliance framework and Shyft Attestation architecture completely free and available…
Enter Veriscope, Shyft Network’s Travel Rule solution: a decentralized discovery and coordination infrastructure and P2P data transmission network, allowing VASPs to remain compliant, preserve data integrity and sovereignty and enable a truly frictionless customer experience. We focus deeply on global interoperability with participation from large VASPs across several jurisdictions. To date, leading exchanges globally like Binance, Bitmex, Bitfinex, Deribit, and Tether have already announced their participation and collaboration with Veriscope.
We know that when navigating the compliance space — whether you’re an exchange, custodian or CCO (Chief Compliance Officer) — you will have questions about how different solutions work and what your options are. Below, we’ve highlighted some of the key advantages of Veriscope, which we believe truly separates us from the pack of other Travel Rule solutions in the market.
1. How frictionless is the Veriscope customer experience?
Very. While other Travel Rule solutions might ask their customers for VASP details (name, address, VASP code, etc.) Veriscope doesn’t. When using our solution, you don’t need to collect beneficiary VASP details, including VASP codes. Veriscope offers automated and accurate detection of beneficiary VASP details directly from the beneficiary’s wallet address — so you don’t have to. Imagine, from your customers point of view, there will be no change to how they transact today.
2. Is Veriscope a safe and secure solution?
Security of customer information and trust are paramount to Veriscope. We offer a VASP-to-VASP transfer of customer PII, and there is never any storing of customer PII by Veriscope. Customer PII doesn’t even relay or route through our servers; it is a completely P2P solution. You can also trust our secure technology to prevent data mining of your customer PII through an explicit and unique customer consent mechanism.
3. How can we trust the VASPs who use Veriscope?
Good question! Veriscope utilizes VASP due diligence information to internationally recognized standards, with an option to seek a third-party verification from major global law firm DLA Piper. We also offer you the capability to select counterparty VASPs based on jurisdiction, license, and/or due-diligence status. This is the only solution to offer this capability to meet FATF guidelines and protect your customer PII.
4. Is Veriscope a popular solution?
We’re already in advanced stages with the majority of transaction flow for the global VASP market — and the numbers don’t lie: VASPs responsible for over 60% of global transaction flow are already evaluating or integrating Veriscope. Significant large-scale VASP development input since inception means you can expect unparalleled support and industry alignment from our product.
5. Is Veriscope committed to open technology and decentralization?
Absolutely. Veriscope is a future-proof, completely open technology. Decentralization is on our radar as a priority to prepare for next-generation VASPs, such as DeFi. And yes, we’re already speaking with DeFi providers about participation in Veriscope because our technology is perfectly aligned. Regarding openness, Veriscope is built by VASPs, for VASPs. Our open architecture allows for co-development by VASPs to continuously improve our solution.
6. Does Veriscope require expensive fees — and a lot of them?
Our blockchain-based architecture enables consistently low transaction fees. We have zero set-up fees, zero minimum charges, and zero ongoing licensing fees. You only pay per-transaction network fees with a native token, where you can control the fee.
7. Does Veriscope work with other Travel Rule protocols? Is it interoperable?
Yes, and yes. Veriscope is integrating with other Travel Rule protocols to enable the broadest VASP network reach. Watch for our announcements as these come online in the coming weeks! Veriscope can also integrate with third-party service providers such as blockchain analytics firms to provide an all-in-one solution. It’s a one-stop-shop for VASPs — from big to small.
8. Is Veriscope able to look back at past transactions? Can you protect against the “Sunrise Issue?”
We’re proud to be the only Travel Rule solution protecting against the Sunrise Issue. No other solution can provide this. We permit a historic transaction lookback on any transaction involving a VASP broadcast to Veriscope before the date of integration. Additionally, transaction broadcasts are immutable records on-chain, providing an open, permanent audit trail.
If Veriscope sounds like the solution for you and you’d like to learn more, and receive integration guidance, contact us now.
About Shyft Network
Shyft Network aggregates and embeds trust into data stored on public and private ecosystems, allowing an opt-in compliance layer across all systems. The key pillar for Shyft is user consent, allowing users to track the usage of their data. Therefore, no one can use personal data without consent from the owner. Shyft Network allows and gives incentives to individuals and enterprises to work together to add context to data, unlocking the ability to build authentic digital reputation, identity, and credibility frameworks.