Sumsub announces its Travel Rule SDK solution is now available for crypto, Fintech, and iGaming businesses.
It is designed to be easily incorporated directly into client apps, “enabling companies to automate compliance checks and verify sender/recipient information in real time to ensure Travel Rule compliance.”
Travel Rule, known “as FATF Regulation 16, requires VASPs to share originator and beneficiary data on crypto transactions.”
With more countries enforcing Travel Rule each year, it is “continually becoming an obligatory part of virtual asset transfers.”
However, implementation challenges remain “acute for crypto providers operating globally, with jurisdictions imposing different requirements and thresholds, and governments not providing any unified approach or standard.”
On top of that, collecting and transmitting compliance data “during crypto transactions creates friction, slowing things down and urging users to leave the app without finishing the transfer.”
To address the aforementioned challenges, Sumsub offers Travel Rule SDK, letting crypto companies “build effective, user-friendly compliance flows.”
Key benefits include:
- Easy setup with minimum engineering effort, ensuring quick integration into the app and reduced development costs;
- Flexible and fully customizable workflow, with pre-configured country-specific requirements as rules and automatic jurisdiction detection;
- Effortless collection of additional data during deposits, withdrawals and transfers to meet Travel Rule compliance requirements;
- Access to the largest and fastest-growing Travel Rule ecosystem of 1,700+ VASP;
- VASP attribution, secure communication coupled with unhosted wallet verification feature;
- Real-time transaction updates allowing to take immediate action;
- Seamless and speedy user experience that reduces drop-offs by 35%, on average.
Andrew Novoselsky, CPO at Sumsub said:
“While Travel Rule compliance logic is complex, failure to adhere to the regulation is associated with high reputational, legal and financial risks. Sumsub offers flexible integration options–SDK, API and protocols–built to simplify Travel Rule compliance programs for VASPs and other regulated entities engaged in crypto transfers. Without sophisticated custom builds, our SDK automatically integrates all the necessary compliance checks while keeping the UX seamless, thus allowing teams to focus on their core business goals.”
