Travel Rule Compliance
PayString is built to be a simple and flexible extension of existing payment networks, making it best-in-class in compliance messaging — such as Travel Rule and AML.
Learn More about Travel Rule in crypto
Benefits of Using PayString for Travel Rule
Simplicity
PayString uses existing web standards and infrastructure that companies already run on.
Compatibility
PayString works across jurisdictions — without a patchwork of central registries.
Privacy and Security
PayString uses existing web security procedures, does not expose service addresses and allows for real-time management of addresses.
Neutrality
PayString is decentralized and agnostic to payment rail.
PayString Composability and TRISA Integration
PayString can simplify any compliance solution by providing a direct connection between the transacting parties from the start.
PayString is working together with TRISA to deliver a turn-key Travel Rule solution for crypto. This integration will enable any VASP to fulfill their reporting and screening obligations, whether a transaction is sent to a PayString or an on-ledger address. PayString supercharges an already strong solution by providing increased efficiency and enhanced privacy - an ideal match.
Free and open source
Built on proven tech
Designed for interoperability and scalability
How Travel Rules works with PayString
Initiate Transaction
The originating user, Alice, instructs her custodial wallet, VASP A, to send a transaction to the beneficiary user, Bob, to his PayString, bob$vaspb.com, provided by his custodial wallet VASP B.
Step 1
Initiate Transaction
The originating user, Alice, instructs her custodial wallet, VASP A, to send a transaction to the beneficiary user, Bob, to his PayString, bob$vaspb.com, provided by his custodial wallet VASP B.
Step 2
Kick off PayString Handshake
VASP A initiates a secure HTTP connection with VASP B through the PayString URL. This kicks off the PayString handshake that determines whether Travel Rule applies to this transaction.
Step 3
Counterparty Indentification
VASP A and B exchange information about themselves per the TRISA standard and determine whether Travel Rule applies based on their compliance requirements and the transaction data.
Step 4
Exchange Travel Rule Payload
VASP A sends a signed Travel Rule data payload to VASP B via the TRISA protocol. This payload can conform to FinCEN, FATF, or other regulatory standards.
Step 5
Beneficiary Institution Reviews Payload
VASP B reviews the Payload and sends either authorization to proceed with the transaction, including the PayString to address mapping on the desired network or a rejection.
Both institutions are free to implement any compliance policy they desire at any point.
Step 6
Transaction Execution and Receipt
If the VASP A receives an authorization, it executes the transaction and sends a proof-of-payment message to VASP B.
Otherwise, VASP A drops the transaction.
Other Extensions for PayString
Charity
Simpler to donate money to your favorite organizations.
P2P Payments
Simpler to pay back your friends and family.
Digital Identity
Simpler to know who you are paying.
Getting Paid
Simpler to earn a living.
Commerce
Simpler to get the things you need.
Invoicing
Simpler for your business to get paid for what it makes.
Learn More
Discover everything you need to know about the free, open source PayString protocol