SPARK is the first implementation phase and its goal is to evaluate counterparty discoverability and reachability. Enable data driven decisions about your Travel Rule implementation plan and compliance policies. Evaluate counterparty discoverability and reachability. Enable data driven decisions about your Travel Rule implementation plan and compliance policies.
The best way to secure a smooth roll out of Travel Rule compliance is by gathering data that helps you make an impact assessment. This milestone will allow you to identify your key counterparties and focus the due diligence efforts on them. It will also give you an understanding of how often you are able to autonomously discover the Beneficiary VASP and, conversely, how much input you might need from your end customer to be able to fully comply.
What steps should I take?
Required tasks:
Integrate the txCreate API to create Travel Rule transfers
Recommended tasks:
Connect your Blockchain Analytics provider.
Add your team to the Notabene platform.
Upload corporate documents to get your Verified Badge.
Set incoming rules to "Not ready to respond".
Activate Network Discoverability.
Once you have completed the required tasks, you can move to the next phase. However, it is important to note that completing all the recommended tasks will increase your chances of success in the next phases.
More technical information is available on our Documentation.
If you have any questions or need assistance with this process, do not hesitate to contact us at support@notabene.id.