XEROF Chooses 21 Analytics for FATF Travel Rule Compliance
Bringing the conservative financial market closer to the crypto world is a challenge in itself. But XEROF, the leading Swiss crypto gateway for real estate, took it to the next level, adding luxury goods to the mix. To ensure the crypto assets, customers and businesses are safe conducting these transactions, XEROF needed to comply with regulations, including the FATF Travel Rule. Even though the Travel Rule is just starting to leave its mark globally, it has been in effect in Switzerland since 2019. To not only keep the transfers but also the very sensitive data safe, XEROF chose 21 Analytics’ solution.
Moreover, FINMA, the Swiss financial regulator, was one of the first in the world to implement the Travel Rule. FINMA also published guidelines explaining how self-hosted wallets are in the scope of this rule, demanding virtual asset service providers (VASPs) to verify their customer’s wallet ownership before transacting. To do this, XEROF’s team knew they needed an automated method. Looking for solution providers that were experts in the space, more importantly, in self-hosted wallets and Swiss rules, they selected 21 Analytics.
As regulations take shape around the world, XEROF counts on 21 Analytics to keep up to date with the dynamic Travel Rule market. By offering a multiprotocol solution and actively developing the ecosystem, 21 Analytics will keep their customers compliant regardless of how it evolves - an unlikely scenario when choosing a centralised vendor that isn’t multiprotocol. This saves XEROF’s compliance resources as they stay interoperable within Travel Rule solutions irrespective of the direction and shape the market or regulations take.
On top of interoperability, trading high-value goods like real estate and luxury items, XEROF has their customer’s privacy as a main concern. 21 Analytics is their choice for a number of reasons:
21 Analytics’ solution is not a SaaS (Software-as-a-Service); thus, XEROF is guaranteed to know exactly where their sensitive data is stored at all times.
21 Analytics’ software runs on-premises; therefore, XEROF’s team keeps the information within XEROF, reducing leakage risks and liabilities.
21 Analytics’ solution is designed for data protection. The above points enable XEROF to keep competitive data about their business private, including the volume of transfers and XEROF’s sensitive customer data.
Nick Ntigrintakis, XEROF’s CEO, said: “21 Analytics' solution is the only solution that keeps our data safe, a vital requirement for our compliance needs, as our customers’ privacy is of the utmost importance to us”.
“With 21 Analytics solution, all data is kept securely on the VASP’s premises, so businesses and their customers are not exposed to privacy risks when complying with regulations”, explains Lucas Betschart, CEO.
Learn how to be Travel Rule compliant with proper data privacy; request a demo today.
