Phase 3: RESPOND - How to implement a solution

Phase 3 requires VASPs to implement most Veriscope API endpoints and subscribe & respond to webhook events.

Implementation requirements are best understood by walking through a full end-to-end flow from attestation through to decrypting IVMS data and accepting/rejecting a transfer. Please refer to the End-to-end Walkthrough Guide.

Overview of the end-to-end flow

end-to-end flow example
Step VASP Task

1

oVASP

Post attestion. The attestation is posted to all nodes as a webhook event.

2

bVASP

Receive attestation

3

bVASP

Create and send initial KYC template with signature data

4

oVASP

Receive initial KYC template

5

oVASP

Encrypt KYC/IVMS data with bUser’s public key

6

oVASP

Send updated KYC template with signature data and encrypted KYC/IVMS data

7

bVASP

Receive updated KYC template with encrypted KYC/IVMS data

8

bVASP

Encrypt KYC/IVMS data with oUser’s public key

9

bVASP

Send updated KYC template with encrypted KYC/IVMS data. The encrypted KYC/IVMS data must be before a status code can be sent.

10

oVASP

Receive updated KYC template

11

oVASP

Decrypt bVASP KYC/IVMS and perform checks (e.g. name screening) and decide whether to proceed (accept/reject the transfer)

12

oVASP

Send updated KYC template with accept/reject status code

13

bVASP

Decrypt oVASP KYC/IVMS and initiate additional checks (e.g. name screening)

14

bVASP

Send updated KYC template with accept/reject status code

15

oVASP

Process the withdrawal / broadcast on-chain