Sumsub, a global full-cycle verification platform, today announced a new partnership with 21 Analytics, a Swiss-based Travel Rule compliance software provider.
According to the FATF recommendations for compliance with the Travel Rule, virtual asset service providers (VASPs) in certain jurisdictions such as the UK, Germany, Switzerland, Singapore and Hong Kong must ask their clients to prove ownership of unhosted wallets. This partnership with 21 Analytics enables Sumsub to offer global crypto customers an improved way to gather such evidence.
Self-hosted wallet verification is now integrated into Sumsub’s Travel Rule solution. This feature allows VASPs to ask their users to verify that their unhosted/self-hosted wallets belong to them and record the result for compliance purposes. Additionally, it can be seamlessly integrated with other Sumsub features such as VASP Attribution or Risk Scoring.
Thanks to this partnership, VASPs serving clients in multiple jurisdictions will have full crypto compliance coverage and don’t have to navigate complex compliance requirements on their own.
“Sumsub has built the Travel Rule solution with the premise that VASPs should not be limited by the technology used by their provider,” comments Ilya Brovin, Chief Growth Officer at Sumsub. Therefore, we have partnered with key players to integrate best-in-class solutions such as AOPP from 21 Analytics for unhosted wallet verification, alongside VASP discovery using leading blockchain analytics platforms.”
“We are pleased to support Sumsub’s VASP customers with 21 Analytics’ leading solution for Travel Rule compliance when trading with self-hosted wallets,” said Lucas Betschart, CEO of 21 Analytics. “This partnership enables more crypto users to prove wallet ownership in a frictionless way, allowing VASPs to be compatible without compromising user experience, a key step for mass crypto adoption.”