Here’s a clear example of one multi-party transaction:
1. Initiating the Transaction
Alice, a customer of BerlinEx, initiates a Bitcoin transfer to Bob.
BerlinEx initiates the transaction by calling their wallet provider, SIGTrust, registered on the Seychelles.
SIGTrust, being a network partner at SafeTransact, acts as the initiator for the Transaction authorization flow between the participants.
2. Chain of Intermediaries
SIGTrust initiates the transfer in SafeTransact for Networks.
Through our discovery methods, SIGTrust identifies that the recipient’s address belongs to TexEx. A first transfer initiation message is exchanged.
TexEX responds and adds CryptoTrust, their custodian, to the transaction chain.
Once TexEx responds with adding their Custodian CryptoTrust:
3. Transparency and Policy Implementation
All parties involved recognize that this is a four-party transfer.
TexEx establishes policies that require a Travel Rule exchange and flags the Seychelles jurisdiction from SIGTrust.
The transfer appears in TexEx’s platform, listing all participants and their respective roles.
4. Compliance and Authorization
The compliance team reviews and authorizes the transfer.
Responses are sent to all participants to ensure everyone is informed.
A request for a Travel Rule transfer is sent to the Originators about the Originator.
5. Completion and Notification
All participants send and receive notifications detailing their roles and authorization policies in the transaction.
Personally Identifiable Information (PII) is shared only with parties that require it.
Once policies are fulfilled and the transfer is authorized, the transfer is completed and settled on-chain.
6. Policy Setup and Management
BerlinEx has the option to apply for a profile with Notabene.
This profile allows them to set up specific policies, including the ability to authorize or reject future transfers.
The moment they onboard, they see all the historic transfers that they initiated via SIGTrust.
SafeTransact for Networks ensures that even complex multi-party transactions are handled smoothly and securely, with careful management of PII and compliance with all necessary regulations.