Crypto Compliance Solution Provider Notabene Launches Free Sunrise Plan
Notabene's Sunrise plan seamlessly facilitates Travel Rule compliant data exchanges across jurisdictions.
NEW YORK, June 8, 2022 /PRNewswire/ -- On a mission to enable safe, secure, and private crypto transactions, industry-leading Notabene announced today the launch of a Sunrise Plan to allow Virtual Asset Service Provider (VASP) counterparties to respond to Travel Rule data transactions for free. From its inception, Notabene has prioritized a pragmatic approach to Travel Rule compliance and aims to help the 32k+ service providers (Source: VASPnet) worldwide comply with the latest AML requirements.
The "sunrise period" refers to the period during which the Travel Rule is not in full effect across jurisdictions, which causes variation in stages of implementation across VASPs. During sunrise, many companies are not yet prepared to perform the Travel Rule or have the infrastructure to respond to Travel Rule requests, yet a company is not fully compliant if its counterpart does not respond to outbound transfer requests. Notabene has identified this as a significant issue and launched the Sunrise plan to help their customers' counterparties respond to regulated data transfers, and in turn keep them from losing transaction volume. The Sunrise plan is straightforward to use, with no integration required.
"Our customers' success is criticaland they cannot succeed if their counterparties don't have the tools readily available to respond to them. Implementing the Travel Rule comes with novel complexity as it requires ongoing assistance to set up new compliance and operational processes," said Pelle Braendgaard, CEO and Co-Founder of Notabene. "One of our core principles was that if a VASP's counterparty was not ready to be fully compliant, they could at least respond to transactions using our universal protocol switch. This is why we have now launched a free plan for companies to securely and privately respond to Travel Rule data transfers. If they had no solution in place to respond, our customers would not be able to achieve phased compliance by sending the mandated Travel Rule data transfer."
Notabene's Sunrise Plan addresses one of the top issues keeping VASPs from adhering to the mandated regulation. The simple, no-integration solution grants access to Notabene's powerful Travel Rule compliance dashboard, allowing Compliance Officers to set up secure automated compliance workflows while benefiting from Notabene's award-winning integrations with blockchain analytics and sanctions screening providers. Users can perform mandated VASP due diligence, respond to unlimited Travel Rule data transfers, and send free transfers up to $10K per month.
Notabene's Sunrise Plan solution incorporates Notabene's proprietary protocol switch, connecting users to the broadest number of counterparties worldwide. Today, major crypto exchanges and financial institutions worldwide use Notabene's solution to send and receive Travel Rule data transfers across 210+ exchanges. Notabene has achieved a high level of success with a response rate of over 50%. It's easy UX and tiered secure integration allow customers to respond to incoming Travel Rule transactions within 10 minutes securely. Log into Notabene's VASP & Crypto Company Directory and use the rules engine and bulk action functionalities to manage your transfer flow to sign up for the free Sunrise Plan.
Notabene is a reg-tech SaaS solution that turns regulatory compliance into a competitive advantage. Notabene is working to make crypto transactions a part of the everyday economy by providing software, tools, and comprehensive data to manage regulatory and counterparty risks in crypto transactions. Companies leverage our end-to-end FATF Travel Rule solution to identify virtual asset accounts, perform mandated VASP due diligence, and manage global transactions from one dashboard. Trusted by leading exchanges, Luno, Bitso, Crypto.com, and more. Notabene is headquartered in New York with offices in Zug and Santiago de Chile. Download a copy of Notabene's State of Crypto Travel Rule Compliance Report. To learn more, visit http://www.notabene.id. Follow us on LinkedIn and Twitter.
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