Integration Stages
Integration with Notabene typically involves completing activities outlined in the following stages.
We usually recommend that travel rule is integrated in stages, where stage 1 and 2 are the first to finish as that is the minimum requirement to be compliant.
The estimated time for each stage is:
| Stage 1 | Stage 2 | Stage 3 | Stage 4 |
|---|---|---|---|
| Generating accessToken every 24 hours: X days | Install and configure SDK, choose encryption method: X days | Create webhook endpoint: X days | Trigger txNotify on every deposit: X days |
| Generating customerToken for every transaction: X days | Pull originator information from KYC database: X days | Save webhook response to database: X days | Setup address webhook: X days |
| Add the widget to withdrawal screen: X days | Orchestrate originator and beneficiary information into IVMS101 format: X days | Link value transfer to travel rule status with time-out: X days | Pull beneficiary information from KYC database: X days |
| Push widget data to backend: X days | Calling txCreate: X days | Create way to collect originator information from beneficiary. | |
| Enable txUpdate to append originator and beneficiary information | |||
Stage 1 - Authenticating, Validating & Searching: Here you will configure the authentication steps and the front-end wallet identification + beneficiary information collection using our widget or API. You will also enable your user to search in our directory if the VASP wasn't automatically identified by your blockchain analytics provider.
Stage 2 - Sending: Here you will be creating travel rule transactions by combining the beneficiary information you collected in stage 1 with the necessary details required about your costumer. Once everything is ready, the travel rule message will be sent to the beneficiary VASP.
Compliant when sending?
Depending on your jurisdiction, you might be compliant with your travel rule requirements after this stage. We do however recommend that you complete the remaining stages for a fully automated setup with minimal manual intervention.
All value transfer originator and value transfer beneficiary information collected by the
ordering institution shall be immediately and securely submitted to the beneficiary
institution.
Stage 3 - Updating & Executing: Here you will enable automatic updates to the travel rules you sent in phase 2 to be pushed to your back-end and link the execution of the blockchain transaction to the "accepted" status.
Stage 4 - Incoming: Here you will configure what happens when you have an incoming blockchain transaction.
Compliant when receiving?
Since travel rule might apply for incoming value transfers, you should start working on stage 3 and 4 as soon as possible:
"... shall apply to a payment service provider when:
(a) it effects the sending of one or more digital payment tokens by value transfer; or
(b) when it receives one or more digital payment tokens by value transfer on the
account of the value transfer originator or the value transfer beneficiary,"
Updated 5 months ago