Compliance Officers can now use Notabene's features to set rules that would allow you to control which blockchain transactions can be processed based on the Travel Rule data transfer status. Instead of processing the Travel Rule data transfer separately from the blockchain transaction, you can choose to have them interconnected. This means that your withdrawals will be broadcasted to the relevant blockchain only once the Travel Rule data transfer reaches a certain status. Based on your risk appetite and jurisdictional requirements you can choose from 4 options:
Created: the blockchain transaction is processed when the outgoing data transfer has been created;
Sent: the blockchain transaction is processed when the transfer request has been sent to your counterparty;
Confirmed: the blockchain transaction is processed when the blockchain address has been confirmed by your counterparty;
Accepted: the blockchain transaction is processed when the blockchain transfer has been accepted by your counterparty.
Although it can be turned off at any point, this feature allows taking advantage of the latest technology to ensure that your compliance efforts are effective and efficient. Not only that you can streamline your compliance process but you will also be able to reduce the risk of errors or missed data.
Log in to your Notabene account, click on the drop-down button located at the top right corner, and navigate to the "Settings" section.
Enable the "Allow Notabene to control when Blockchain Transactions are authorized" button.
Ensure that the webhook integration was successfully completed, and click "Accept".
Select the Travel Rule data transfer status that will authorize outgoing transactions, and click "Save".
A pop-up notification will appear to confirm that your change has been saved.
For more information about the webhook status, click here.
If you would like to integrate the webhook, visit our Documentation.
For any questions or assistance, please contact our Support team.