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
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IVMS101 Personal Data Fields

Last modified 2mo ago

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