{"id":4818,"date":"2020-07-03T09:49:39","date_gmt":"2020-07-03T09:49:39","guid":{"rendered":"https:\/\/www.sygna.io\/?p=4818"},"modified":"2020-11-16T15:53:59","modified_gmt":"2020-11-16T15:53:59","slug":"coolbitx-releases-sygna-bridge-2-0-with-ivms101-support","status":"publish","type":"post","link":"https:\/\/www.sygna.io\/jp\/blog\/coolbitx-releases-sygna-bridge-2-0-with-ivms101-support\/","title":{"rendered":"CoolBitX Releases Sygna Bridge 2.0 with IVMS101 Support"},"content":{"rendered":"\n

Table of Contents<\/strong><\/p>\n\n\n\n

  1. Introducing Sygna Bridge 2.0<\/a><\/li>
  2. What is IVMS101?<\/a><\/li>
  3. Why IVMS101 is important<\/a><\/li>
  4. Why did Sygna Bridge adopt IVMS101?<\/a><\/li>
  5. How Sygna Bridge 2.0 supports IVMS101<\/a><\/li>
  6. Sygna Bridge’s Open Source Code Generator<\/a><\/li>
  7. What’s next for Sygna Bridge and IVMS in 2020?<\/a><\/li>
  8. Sygna Bridge 2.0 Release Notes<\/a><\/li><\/ol>\n\n\n\n
    <\/div>\n\n\n\n

    Introducing Sygna Bridge 2.0<\/h2>\n\n\n\n
    <\/div>\n\n\n\n

    Blockchain security and compliance company CoolBitX<\/a> has released Sygna Bridge 2.0, the latest version of its “FATF Travel Rule” <\/a>solution for virtual asset service providers (VASPs). <\/p>\n\n\n\n

    Sygna Bridge 2.0 also supports the InterVASP<\/a> Messaging Standard (IVMS101<\/a>), the Joint Working Group’s unifying messaging standard, and comes after months of technical improvements and rigorous testing with VASP partners in Japan, Korea, and Taiwan. <\/p>\n\n\n\n

    CoolBitX launched Sygna Bridge in 2019 as a first-to-market “FATF Travel Rule” technical solution to help VASPs comply with the Financial Action Task Force (FATF)’s updated Recommendation 16<\/a> data-sharing requirement.<\/p>\n\n\n\n

    Sygna Bridge 2.0’s adoption of IVMS101 is significant as it marks one of the first actions taken by a technical solution provider (TSP) in the crypto-asset industry to ensure that its Travel Rule network data<\/a> is cross-compatible with that of other providers. <\/p>\n\n\n\n

    This follows Sygna Bridge’s May 2020 production report in which CoolBitX shared with the FATF Contact Group<\/a> proof of its successful Travel Rule data transfers between leading exchanges SBI VC<\/a> (Japan), Bitsonic<\/a> (Korea) and BitoPro<\/a> (Taiwan). The report was audited and verified by a Big Four accounting firm. <\/p>\n\n\n\n

    <\/div>\n\n\n\n

    What is IVMS101?<\/h2>\n\n\n\n
    <\/div>\n\n\n\n
    \"IVMS101<\/figure><\/div>\n\n\n\n
    <\/div>\n\n\n\n

    The InterVASP Messaging Standard (IVMS101)<\/a> is the Joint Working Group (JWG)’s unifying language standard to help TSPs and VASPs share consistent and accurate originator and beneficiary transmittal data. <\/p>\n\n\n\n

    The Joint Working Group (JWG) is an influential alliance of blockchain industry bodies IDAXA<\/a>, the Chamber of Digital Commerce (CDC)<\/a> and Global Digital Finance (GDF)<\/a> that convened online weekly in 2020 to help the crypto industry respond to the FATF’s challenging new anti-money laundering (AML) and combating-terrorism-financing (CFT) regulations. <\/p>\n\n\n\n

    In early May 2020, the JWG unveiled the result of this collective effort, the InterVASP Messaging Standard (IVMS101)<\/a>. <\/p>\n\n\n\n

    <\/div>\n\n\n\n

    Why IVMS101 is important to the crypto industry<\/h2>\n\n\n\n
    <\/div>\n\n\n\n

    IVMS101 is the first successful crypto industry-wide effort to unify Travel Rule compliance services and make them cross-compatible. This is an important achievement. <\/p>\n\n\n\n

    Most VASPs will likely interact with more than one Travel Rule solution used by a counterparty VASP during virtual asset transmittals, due to daunting linguistic, jurisdictional and cultural challenges associated with implementing the Travel Rule across the FATF’s 200+jurisdictions.<\/p>\n\n\n\n

    For example, there are huge linguistic and date order variations across English-speaking countries alone, and it gets worse when dealing with VASPs in Asia, Europe, and the Middle East. <\/p>\n\n\n\n

    Example 1: Date format<\/strong><\/h3>\n\n\n\n

    To illustrate, how would the date 5 July 2020 be recorded around the world? Here are 3 versions:<\/p>\n\n\n\n