Deposit Interactions

Deposit With Travel Rule

The Travel Rule deposit process ensures compliance with international regulatory requirements by facilitating the secure exchange of information between Virtual Asset Service Providers (VASPs) during cryptocurrency transactions. This process involves verifying and sharing key details, such as wallet addresses and transaction data, between the originator and beneficiary VASPs. By integrating tools like DEFY’s backend services, the workflow ensures that all parties involved adhere to the Travel Rule by validating transaction details, confirming wallet ownership, and securely transmitting transaction hashes. This helps prevent illicit activities such as money laundering and enhances trust and transparency in digital asset transactions.

Defy Travel Rule Deposit Schema

Travel Rule Step-by-step

1. Travel Rule Message Sending

   • Originator VASP Backend sends a Travel Rule message to Defy Backend.

2. Pending Operation Display

   • Our Backend does AML and other jobs displays the transaction as a pending operation on the interface.

3. Approval or Rejection Decision

   • If you accept the transaction (Step 3.a), you will find the wallet address used in the transaction from your own database and report it to us.

   • If you reject the transaction (Step 3.b), it will revert to the other VASP.

4. Wallet Address Transmission

   • The wallet address in the transaction is sent to the DEFY Backend via the send_address service.
5. Wallet Forwarding via Approval Service

   • The wallet address received is delivered to the other VASP through the approval service.

6. Transaction Hash Information

   • The counterpart VASP provides the transaction_hash information on-chain.

7. Transaction Hash Forwarding

   • The DEFY Backend sends the transaction_hash data to the "Beneficiary VASP Backend" via a webhook.

📘 Do I have everything?

Once all the information about the originator and beneficiary has been pulled from the databases and orchestrated into the IVMS101 format, you can send it to create_tx to confirm that everything is present.

You could also leverage create_tx when building the address book database so that everything gets collected from the start.

Deposit Without Travel Rule

If the other VASP customer has sent money directly to your customer, you need to continue with this flow.

Defy Travel Rule Deposit without TRP Schema

Travel Rule Step-by-step

1. Sends Funds

   • Originator VASP Backend sends funds directly to beneficiary VASP.

2. Beneficiary VASP Collects Infos

   • Beneficiary VASP collect customer infos prepares data.

3. Requesting Service

   • Beneficiary VASP backend requests receive_tx_without_protocol service with prepared data.
4. Screening on Dashboard

   • After all these steps you can look transaction on our dashboard.

You could also leverage receive_tx_without_protocol when building the address book database so that everything gets collected from the start.