21 Analytics Releases First Implementation of TRP 2.0

The Travel Rule Protocol (TRP), built by virtual asset service providers (VASPs) and Travel Rule solution providers, has recently launched its version 2.0, solving challenges in innovative ways, as explained in this article. With 21 Analytics' latest software release, we are the first Travel Rule solution provider to launch a fully working software supporting TRP 2.0.

The new protocol version has significant improvements on user experience, which is key to successfully implementing any compliance effort, but especially to the Travel Rule since it is a novel requirement for VASPs and mostly unknown to the end-users. TRP 2.0 allows easy input of Travel Rule information, similar to the workflow users are already familiar with when using cryptocurrency exchanges.

VASPs that use a solution based on version 2.0 of TRP have the competitive advantage of solving a crucial issue when implementing the Travel Rule: the discoverability of counterparties. TRP 2.0 allows automatic identification of VASPs, without the need for a directory, which ensures rapid and automated operations for the compliance team. This makes the Travel Rule Protocol (TRP) the leading a decentralized, global communication standard for VASPs complying with the Financial Action Task Force (FATF) recommendations.

With the new release, the 21 Travel Rule software maintains its commitment to supporting all major Travel Rule protocols within the cryptocurrency space while focusing on the data protection for all parties involved.