Why should I supply additional information?

In established payment systems like credit card and bank transfers, collecting and sharing information about the parties involved in a transaction (such as names) is already standard practice. This same requirement is now being applied to crypto and stablecoin payments through the Travel Rule as part of the EU's MiCA regulation for crypto assets.

The Travel Rule brings greater regulatory clarity and data transparency to crypto, allowing businesses that use stablecoins and other cryptocurrencies to grow in a more secure environment. As crypto becomes a more trusted payment option, we expect more businesses, consumers, and financial institutions to embrace this rapidly expanding market.

More background on this can be found on https://www.bvnk.com/blog/the-travel-rule-crypto-eu

What should I do to comply?

📘
If you have an API integration
to initiate payments in and out, then you will need to update your integration to start including the additional data. Below is a list of the affected endpoints that will require the additional data.

If you are initiating payments solely from within the BVNK Merchant Portal, you will be prompted to include the additional data where applicable within the UI.

By when must the changes be implemented?

👍
The changes must be implemented by December 30, 2024.

Affected API endpoints

If you are using these endpoints, please make sure to update the integration as per the examples below.

Product	Used for	Endpoint
Crypto payments via Payment Links	Deposits Payouts	PROD: `https://api.bvnk.com/api/v1/pay/summary` Sandbox: `https://api.sandbox.bvnk.com/api/v1/pay/summary`
Crypto payments via Payment Channels	Deposits	PROD: `https://api.bvnk.com/api/v2/channel` SANDBOX: `https://api.sandbox.bvnk.com/api/v2/channel`

Supplying the additional data

"customerId": "d063635e-0f83-4e47-a1f3-fc9484df1509",
  "complianceDetails": {
    "requesterIpAddress": "77.71.188.87",
    "partyDetails": [
      {
        "type": "ORIGINATOR",
        "entityType": "INDIVIDUAL",
        "firstName": "John",
        "lastName": "Doe",
        "dateOfBirth": "1984-06-30",
        "relationshipType": "THIRD_PARTY",
        "countryCode": "DE"
      }
    ]

"customerId": "b061943d-e29f-481e-abcb-5c937ee8234e",
  "complianceDetails": {
    "requesterIpAddress": "77.71.188.87",
    "partyDetails": [
      {
        "type": "ORIGINATOR",
        "entityType": "COMPANY",
        "legalName": "Fast Cars LTD",
        "registrationNumber": "ABC123",
        "relationshipType": "THIRD_PARTY",
        "countryCode": "DE"
      }
    ]

Parameter	Type	Required	Description
customerId	String	Yes	Uniquely identifying the party requesting the payment. If multiple payments for same party are requested, the ID should remain consistent.
complianceDetails	Object	Yes	Will contain information about the party requesting the deposit.
complianceDetails. requesterIpAddress	String	Yes	The IP-address of the party requesting the deposit. Required only if `countryCode` is not provided.
complianceDetails. partyDetails	Array of Objects	Yes	Will contain additional information about the party requesting the payment.
complianceDetails.partyDetails. type	String	Yes	Specifies who the party information belongs to. Possible values: `BENEFICIARY` = Party receiving the pay-out `ORIGINATOR` = Party sending the deposit
complianceDetails.partyDetails. entityType	String	Yes	Specifies the entity type. Possible values: `INDIVIDUAL` = details about an individual. `COMPANY`= details about a business.
complianceDetails.partyDetails. firstName	String	Yes	The first name of the party requesting the deposit. Required only if `entityType` = `INDIVIDUAL`.
complianceDetails.partyDetails. lastName	String	Yes	The last name of the party requesting the deposit. Required only if `entityType` = `INDIVIDUAL`.
complianceDetails.partyDetails. dateOfBirth	String	Yes	The date of birth of the party requesting the deposit. Format: `YYYY-MM-DD`. Example: `1984-06-30`. Required only if `entityType` = `INDIVIDUAL`.
complianceDetails.partyDetails. countryCode	String	Yes	The ISO 3166-1-alpha-2 code of the country that the party resides in. Example: `DE`. Required only if `requesterIpAddress` is not provided.
complianceDetails.partyDetails. legalName	String	Yes	The legal entity name of the company. Required only if `entityType` = `COMPANY`.
complianceDetails.partyDetails. registrationNumber	String	Yes	The company registration number. Required only if `entityType` = `COMPANY`.
complianceDetails.partyDetails. relationshipType	String	Yes	This field specifies the relationship type between the sender and the recipient of the transaction. Possible values: `SELF_OWNED` = The wallet within BVNK is registered under the same entity for both accounts involved in the transaction. This indicates that funds are being moved between accounts owned by the same entity. For example, if the BVNK wallet is registered to Fast Cars LTD and funds are being transferred to another account owned by Fast Cars LTD. `THIRD_PARTY` = The transaction involves accounts belonging to different entities. For example, Fast Cars LTD receives a payment from James Smith, or Fast Cars LTD pays their supplier Tires Supplies Inc.

Code examples on how to include the additional data

{
    "merchantId": "86955f40-8f4e-464c-be2b-583635bf1c62",
    "type": "IN",
    "amount": 5,
    "currency": "USDT",
    "expiryMinutes": 1440,
    "reference": "test_reference_in_1xCbGZ",
    "returnUrl": "https://your-url-here.com/status",
    "customerId": "d063635e-0f83-4e47-a1f3-fc9484df1509",
    "complianceDetails": {
        "requesterIpAddress": "77.71.188.87",
        "partyDetails": [
            {
                "type": "ORIGINATOR",
                "entityType": "INDIVIDUAL",
                "firstName": "John",
                "lastName": "Doe",
                "dateOfBirth": "1984-06-30",
                "relationshipType": "THIRD_PARTY",
              	"countryCode": "DE"
            }
        ]
    }
}

{
    "merchantId": "7fa95319-b854-402c-bbfb-5d9dfe9122b4",
    "payCurrency": "USDT",
    "displayCurrency": "USD",
    "reference": "PayRef-USDT-d063635e",
    "customerId": "d063635e-0f83-4e47-a1f3-fc9484df1509",
    "complianceDetails": {
        "requesterIpAddress": "77.71.188.87",
        "partyDetails": [
            {
                "type": "ORIGINATOR",
                "entityType": "INDIVIDUAL",
                "firstName": "John",
                "lastName": "Doe",
                "dateOfBirth": "1984-06-30",
                "relationshipType": "THIRD_PARTY"
            }
        ]
    }
}

{
    "merchantId": "86955f40-8f4e-464c-be2b-583635bf1c62",
    "type": "OUT",
    "amount": 3,
    "currency": "EUR",
    "expiryMinutes": 30,
    "reference": "test_reference_out_xpO23C",
    "returnUrl": "https://www.your-url-here.com/status",
    "payOutDetails": {
        "code": "crypto",
        "currency": "ETH",
        "protocol": "ETH",
        "address": "0x02ae6765C6991813a3EAa86fe63ebBCA1c9EC156",
        "tag": ""
    },
    "customerId": "d063635e-0f83-4e47-a1f3-fc9484df1509",
    "complianceDetails": {
        "requesterIpAddress": "77.71.188.87",
        "partyDetails": [
            {
                "type": "BENEFICIARY",
                "entityType": "INDIVIDUAL",
                "firstName": "John",
                "lastName": "Doe",
                "dateOfBirth": "1984-06-30",
                "relationshipType": "THIRD_PARTY",
                "countryCode": "DE"
            }
        ]
    }
}

Updating old payment channels with the additional data

If you have payment channels that were previously created without the additional data, you will be able to supply this information by sending a PUT request to the payment channel endpoint (/api/v2/channel). Example below:

Supplying the additional data for old payment channels

{
    "uuid": "7e5e126b-0217-45d4-b38f-5d6f30388257",
    "merchantId": "86955f40-8f4e-464c-be2b-583635bf1c62",
    "reference": "b5af590b-6033-4b15-874b-289f269b15f9",
    "customerId": "d063635e-0f83-4e47-a1f3-fc9484df1509",
    "complianceDetails": {
        "requesterIpAddress": "77.71.188.87",
        "partyDetails": [
            {
                "entityType": "INDIVIDUAL",
                "type": "ORIGINATOR",
                "firstName": "John",
                "lastName": "Doe",
                "dateOfBirth": "1984-06-30",
                "relationshipType": "THIRD_PARTY",
                "countryCode": "DE"
            }
        ]
    }
}

Parameter	Type	Required	Description
uuid	String	Yes	The `UUID` associated to this payment channel. This would have been provided in the response when you originally created the payment channel.
merchantId	String	Yes	The `merchantId` associated to this payment channel.
reference	String	Yes	The `reference` associated to this payment channel.
customerId	String	Yes	Uniquely identifying the party requesting the payment. If multiple payment channels for same party are created, the ID should remain consistent.
complianceDetails	Object	Yes	Will contain information about the party requesting the deposit.
complianceDetails. requesterIpAddress	String	Yes	The IP-address of the party requesting the deposit. Required only if `countryCode` is not provided.
complianceDetails. partyDetails	Object	Yes	Will contain additional information about the party requesting the payment.
complianceDetails.partyDetails. type	String	Yes	Specifies who the party information belongs to. Possible values: `BENEFICIARY` = Party receiving the pay-out `ORIGINATOR` = Party sending the deposit
complianceDetails.partyDetails. entityType	String	Yes	Specifies the entity type. Possible values: `INDIVIDUAL` = details about an individual. `COMPANY`= details about a business.
complianceDetails.partyDetails. firstName	String	Yes	The first name of the party requesting the deposit. Required only if `entityType` = `INDIVIDUAL`.

Provide party information for crypto payments

Why should I supply additional information?

What should I do to comply?

📘
If you have an API integration

By when must the changes be implemented?

👍
The changes must be implemented by December 30, 2024.

Affected API endpoints

Supplying the additional data

Code examples on how to include the additional data

Updating old payment channels with the additional data

Supplying the additional data for old payment channels

Why should I supply additional information?

What should I do to comply?

📘If you have an API integration

By when must the changes be implemented?

👍The changes must be implemented by December 30, 2024.

Affected API endpoints

Supplying the additional data

Code examples on how to include the additional data

Updating old payment channels with the additional data

Supplying the additional data for old payment channels

📘
If you have an API integration

👍
The changes must be implemented by December 30, 2024.