VASPs now have better and more flexible control over their p2p communications

We are very excited to announce the launch of the Veriscope State Machine. This major update enables counterparties, i.e., Originator VASPs and Beneficiary VASPs, to have better control over their peer-to-peer communications.

The update also enables VASPs to subscribe to several new webhook events that will trigger a response on their end, which includes instances such as a VASP requesting a signature or KYC/IVMS data and when a VASP receives or accepts encrypted IVMS data. Here, InterVASP Messaging Standard, known popularly as IVMS, refers to a framework set by the crypto ecosystem to standardize the exchange of Travel Rule data.

The new version of Veriscope includes improvements to how VASPs send encrypted KYC/IVMS data along with signature data, how they accept or reject an IVMS transfer, and allow them to subscribe to several new webhook events that will trigger a response on their end.

The Veriscope team is committed to providing the best-in-class Travel Rule solution to the industry; these key enhancements are a result of iterative testing between the team and participating VASPs during the integration testing phase. With this new launch, Veriscope once again demonstrates that it’s a solution built side-by-side with VASPs, taking their feedback and incorporating it into the product to serve them better.
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Not Compatible With Previous Veriscope Version

The “State Machine” is a brand new release. Hence, it won’t support the previous iteration of Veriscope. VASPs using the earlier versions of Veriscope will have to upgrade to the new version before going live on the mainnet. This means that VASPs using earlier versions of Veriscope must delete the existing KYC templates & implement the new webhook events.

Run the following command for the upgrade:

What’s Changed for the VASPs?

Flexible P2P Data Transfers

With the launch of the new “State Machine,” P2P Travel Rule data transfer between VASPs is much more flexible. Now, either VASPs (oVASP or bVASP) can share KYC/IVMS data first, and any of them can accept or reject a virtual asset transfer request.
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Automated Processing Through Several new Webhook Events

The new version includes several webhook events that will automate transaction processing for VASPs. Some of the new webhooks are “Signature data requested,” “KYC data requested,” “Encrypted IVMS received,” and “Transfer accepted or rejected.”
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Three new States to Keep Both oVASPs & bVASPs Better Informed About the Status of Their Transactions

The three new states introduced in the latest update are KYC templates, which the VASP can update/accept/reject, data requests, and encrypted IVMS.
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Proof of Address Coming Soon

Address Proofs (POAs) are currently in the development phase and will be made available soon.

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