Ask Sumsubers: What is the ‘Bridge’ in the Travel Rule?

This information varies based on differing regulations and transaction thresholds, one thing is constant—the ‘bridge’.

The bridge is a secure, encrypted and reliable method through which personally identifiable information is exchanged in compliance with FATF Recommendation 16.

The bridge can exist as a software solution either in a closed Travel Rule ecosystem or in an open-source Travel Rule ecosystem with publicized documentation, or between several travel rule protocols. Either way, a few things are necessary for a proper bridge to be set up:

• Encryption. Personally identifiable information (PII) should be encrypted to ensure privacy and security, complying with data protection regulations worldwide or in accordance with specific jurisdictions.
• Interoperability. Using a Travel Rule provider that can communicate across multiple protocols is advantageous to being fully compliant.
• Data collection and reporting. A proper Travel Rule Bridge should ensure that the required data inputs to be received are received in the correct format and transferred appropriately regardless of the end protocol. Responses, logs, and data exchanged should also be stored effectively for both parties.

The bridge is an integral part of any Travel Rule solution. Ensure that yours can meet  the compliance needs above.