VerifyVASP
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Glossary

Definitions

Explaining of terms used in this documentation.

VV

  • Stands for VerifyVASP.
  • A service provider of the Travel Rules service.

VASP

  • Virtual Asset Service Provider
  • ex. Cryptocurrency exchanges or cryptocurrency custodies

Verification

  • A verification process performed before sending virtual assets to satisfy Travel Rules
  • Generally, verification is a process where the originator information is sent to the beneificary VASP, the beneficiary VASP verifies the beneficiary information entered by the originator and delivers the results.

Originator

  • A person who wishes to send virtual assets
  • A person who requested withdrawal from VASP

Beneficiary

  • A person who receives virtual assets

Originating VASP

  • The VASP to which an originator belongs
  • aka. ordering VASP

Beneficiary VASP

  • The VASP to which a beneficiary belongs

VV Central Server

  • A communication mediating server operated by VerifyVASP
  • Every verification request performed through VerifyVASP is mediated to each VASP via VV Central Server.

Enclave Server

  • A server module to be installed in each VASP infrastructure
  • A backend server module to ease VV connection. Provided by VerifyVASP.
  • Vicariously proceeds detailed performances communicating with VV Central Server

Pre Screening

  • Verifying risk level of a blockchain address prior to transactions
  • The risk level increases if the address is potentially involved in crimes or illegal trades.

Sanction Screening

  • Like pre-screening, sanction screening is a process of pre-verification to check whether a certain user is on the sanction list.
  • The sanction list is managed by each VASP.

Alliance

  • VASPs registered in VerifyVASP

TxHash

  • ID value which can identify the transaction in the blockchain after the virtual asset was performed in the actual blockchain