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. By enabling 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?
Once enabled, 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 the widget, 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?
You can enable this feature by completing the following steps:
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”
To maximise your discoverability rate it is highly recommended to connect our address webhook and register your blockchain addresses automatically. More technical information is available in our Documentation.
Reach out to us at email@example.com if you have any questions and our team will be glad to clarify them for you.