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 beneficiary 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

Sanction Screening

  • A process of pre-verification to check whether a certain user or wallet address is on the sanction list.

Risk Assessment

  • It includes both pre-validation and post-validation, and uses information such as blockchain addresses, transactions, individuals, and entities for sending and receiving to assess the risk of a given transaction.
  • We typically use solutions from 3rd party vendors who have a lot of transaction data and fraud history data to assess risk.

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

Vout

  • In cases where multiple transfers can be included in a single transaction, such as Bitcoin, an index value indicating which transfer corresponds to within a single transaction