Sumsub integrates with Sygna to augment VASP communication

The added protocol will expand the Sumsub Travel Rule solution’s interoperability, bringing the total number of integrated protocols to five and allowing customers to reach a higher number of VASPs worldwide. This partnership will also enable Sygna to include more VASPs into its VASPs network.

In a comment, officials from Sygna said they are happy to announce their partnership with Sumsub, a prominent player in KYC and Travel Rule services. This collaboration is a strategic alignment that enhances their commitment to ensuring transparency and compliance in the financial flows in Europe. By integrating Sumsub’s advanced solutions, Sygna is poised to expand its network and capabilities, paving the way for a more interconnected and secure digital asset landscape.

Enhancing VASP data exchange compliance

Both companies will collaborate to facilitate fast and secure data exchange among VASPs in accordance with the Travel Rule compliance requirements specified by the Financial Action Task Force’s (FATF) Recommendation 16. Regulators in different jurisdictions enact the Travel Rule legislation at their own pace, with Japan beginning to enforce the legislation from June 2023, and Taiwan recently tightening the AML laws concerning crypto.

Sumsub’s team said this partnership enables Sumsub to provide customers with seamless access to the Japanese and Taiwanese VASP market, further strengthening their position as a prominent provider of the Travel Rule solution, interoperable with a high number of protocols globally. They are big believers in interoperability, which becomes especially important with the enforcement of Travel Rule in the EU from December 2024. Together with Sygna, they are advancing transparency in crypto asset transfers while reinforcing global AML and CFT efforts.

Sumsub Travel Rule solution offers full functionality to its customers which includes VASP discovery, secure data exchange, integrated AML checks, advanced rules engines to account for any regulatory differences, and unhosted wallet verification among other features.