What is Network Discoverability?
Network Discoverability is a powerful tool that allows in-network VASPs to quickly and easily identify their counterparties in real-time. With this feature, VASPs can not only increase their reachability, but also reduce the amount of friction experienced by their end users. This is because Network Discoverability streamlines the process of identifying and verifying the address with the counterparty VASP, thereby making the process of sharing Travel Rule data easier and more efficient. With Network Discoverability, in-network VASPs can enjoy the benefits of enhanced connectivity, improved user experiences, and increased operational efficiency, all while maintaining the highest standards of security and compliance. For privacy concerns, all shared blockchain addresses will be securely hashed. The address query happens one-by-one, so no one will have access to the entire list.
How does it work?
The Beneficiary VASP name will automatically appear in the transfer form when creating new transfers from the dashboard, provided that the beneficiary blockchain address is in the network. This added layer of security allows compliance officers to verify that the intended Beneficiary VASP name matches the one provided. If the data is collected via SafeConnect Components, the end customer will not be required to provide the name of the Beneficiary VASP. When submitting the Travel Rule transfer via API, the address will be automatically queried to identify the correct Beneficiary VASP, eliminating the need to wait for confirmation from the counterparty VASP.
Overall, this feature increases the efficiency and trustworthiness of the entire process for all parties involved.
How can it be enabled?
If you have a paid plan, this feature is enabled by default. You can quickly upload your blockchain addresses to Notabane manually (the fastest option) or integrate the address webhook (the recommended solution). If you wish to disable this feature, please contact our Support team
If you don’t have a paid plan, you can enable this feature only after verifying your VASP profile. You can then follow the steps outlined below:
1. Upload your blockchain addresses to Notabane manually.
2. Go to “My Account” and select “Settings”
3. Navigate to Network Discoverability
4. Enable “Access and store hashed blockchain addresses in the Notabene network”
Reach out to us at support@notabene.id if you have any questions and our team will be glad to clarify them for you.