Effortless Travel Rule Compliance: TRP and its Tools

TRP, the Travel Rule Protocol, is a standard not just for compliance professionals. TRP was created by a working group consisting of experts in regulation, compliance and distributed protocol design. At the end of the day, it is up to the VASP IT and development teams to implement a standard. No matter how good a standard is, it drains time and resources if it is virtually impossible to implement. 

What Makes TRP the Ultimate Standard

TRP is an elegant design as it isn’t complicated, nor does it use experimental technology: the building blocks of TRP are existing technologies (IVMS 101, DTI and LEI codes). By utilising these technologies, the standard is stable and can be swiftly implemented due to its familiarity to engineers. 

When TRP was being designed, every implementation challenge was imagined and tackled, creating a solution that was quick and simple to implement with the right tools.

Access the 21 Travel Rule Product Documentation 

TRP Implementation Tools  

The IVMS 101 Validator

When VASPs transact, they must share Travel Rule data with their counterparty, but not all Travel Rule solutions structure data similarly. For instance, one may format names as name:surname, while another uses surname:name. This mismatch can cause errors, preventing transactions. InterVASP introduced IVMS 101, a universal common language for sharing Travel Rule data between VASPs, ensuring seamless communication and transaction processing to remedy this issue.

The IVMS 101 Validator was developed to ensure compatibility with the different IVMS implementations from Travel Rule solution providers. With this tool, developers can verify the compatibility of entered data with the IVMS 101 data model standard, as TRP uses.

Additionally, to accelerate the adoption of TRP as the recognised Travel Rule standard, 21 Analytics open-sourced its IVMS library for developers, facilitating TRP integration.   

Read: Release of IVMS 101 Validator - Developed by 21 Analytics

The LEI Generator 

Several EU regulations—such as MiFID II and EMIR—mandate the use of LEI codes for counterparty identification in financial transactions. These codes are also essential for transaction reporting. Moreover, under the EU’s implementation of the Travel Rule, both the originator and beneficiary CASP must provide LEI codes when conducting digital asset transfers.

Assembling valid LEI codes manually is nearly impossible due to checksum constraints. 21 Analytics developed a free, user-friendly generic LEI Code generator to address this. With this tool, developers can generate a LEI Code for product and software testing, a useful alternative for product testing without using a LEI Code that has been assigned to a third-party entity.

Access 21 Analytics’ open-source LEI library for TRP. 

The Travel Address Encoder 

The Travel Address Encoder is a free tool developed by 21 Analytics for engineering teams to test the Travel Address functionality. 

Now, users can encode Travel Rule inquiries, decode Travel Addresses - as defined in the TRP specifications - and see precisely what a Travel Address contains: the beneficiary VASP that controls the receiving address and its URL to receive the Travel Rule data. 

Read: Is There a Difference Between an IBAN and a Travel Address?

To learn more about TRP and its tools, contact the 21 Analytics Devs Team.