21 Analytics Open-sourced Its IVMS 101 Library

The need for the InterVASP Messaging Standard (IVMS 101) arose in 2019 following updates to the FATF’s recommendations, particularly Recommendation 16, which now includes virtual assets. This change required VASPs to adopt a standardised approach to meet this new requirement.

When Travel Rule data is transmitted to a counterparty, it must be compatible with and understood by the recipient’s software for seamless processing, and IVMS 101 facilitates this. Adopting the IVMS standard across all Travel Rule protocols increases interoperability.?

21 Analytics aims to position the Travel Rule Protocol (TRP) as the leading open standard for Travel Rule compliance. To make TRP implementation more accessible and to promote wider adoption, we have open-sourced our IVMS implementation. Providing the IVMS source code simplifies the integration of TRP into various systems.?

Access the IVMS source code here.

What Is the InterVASP Messaging Standard (IVMS)?

The InterVASP Messaging Standard (IVMS) defines IVMS 101 as a "universal common language for the required originator and beneficiary information between virtual asset service providers."

A VASP must use a Travel Rule solution when it processes a transaction. Since different solutions may handle data differently, discrepancies can arise.?

For instance, if VASP A records names as [name:surname] and VASP B records them as [surname:name], VASP B might misinterpret data received from VASP A, leading to transaction errors.

IVMS addresses this by standardising the data format, ensuring consistency in exchanging information. This standardisation allows VASPs to understand and process transaction data correctly, facilitating smoother transactions between different systems.

Try out 21 Analytics’ IVMS Validator?

Benefits of Open-Source Software

Open-source software provides transparency by exposing its source code, allowing users to understand its functionality and verify its security. This openness fosters trust and encourages a collaborative development environment. Users also have the flexibility to modify and customise the software to meet their specific needs, which can enhance efficiency and productivity.

With a large community of users and developers reviewing the code, open-source software benefits from rigorous scrutiny that helps identify and address vulnerabilities and bugs more swiftly. This can lead to greater security and reliability compared to closed-source alternatives.

At 21 Analytics, we are passionate about open-source software and decentralised standards.

Access the source code here.?

Learn how to implement TRP.