On a mission to enable secure and trusted crypto transactions, Notabene launched SafePII, an end-to-end Encrypted Escrow Service for personally identifiable information (PII), created explicitly for Travel Rule compliant transfers.
This launch is the latest addition to Notabene’s comprehensive bank-grade protection solution and elevates its continued commitment to privacy and security in protecting consumer data at the highest level.
SafePII facilitates the secure exchange of PII data by encrypting the data format between parties, eliminating the risk of data loss through hacks or breaches. The feature is already in use in transactions between the several hundred exchanges in Notabene’s network. With this enhanced end-to-end encryption service, Notabene customers can securely facilitate user PII data exchanges while remaining compliant with the Financial Action Task Force’s (FATF) Travel Rule.
Travel Rule guidelines mandate that Virtual Asset Service Providers (VASPs) must collect, store and send PII about the user sending the transaction to the receiving VASP. However, if this information falls into the wrong hands (which has happened in the past via crypto exchange hacks and data leaks), malicious actors could use this data to target these persons of interest—either in the real world or virtually. To mitigate this issue and to comply with General Data Protection Regulation best practices to limit potential exposure of PII, Notabene’s Encrypted PII service ensures that only authorized users have access to this data.
“The crypto industry is reacting to a rapidly changing technological and regulatory landscape globally. Many exchanges are struggling to keep up with product demand while adhering to new and escalating regulatory requirements,” said Pelle Brændgaard, CEO and co-founder of Notabene.
“We have seen the need and demand for increased protection as FATF Travel Rule providers facilitating the exchange of user information. Data privacy and security are at the core of everything we do at Notabene, which is why we have always prioritized a safe and privacy-preserving approach to complying with FATF’s guidelines. With our standards-based SafePII solution, Notabene customers can be confident in the security of their users’ PII and in their compliance with the ever more complex global regulatory scope.”
Notabene’s Encrypted PII solution allows its customers to manage their own encryption keys, view their PII access logs, and monitor how and when a party accessed a particular facet of PII data. This gives institutions complete control of the privacy of their end-customers’ PII through enhanced encryption modes, ensuring their information remains protected from potential data breaches.
With Travel Rule implementation deadlines looming, the gap is closing between crypto regulations and those implemented to regulate fiat currencies. Today, major crypto exchanges and financial institutions worldwide use Notabene’s platform to send and receive Travel Rule data transfers across a growing network of 500+ exchanges. Notabene’s continual focus on enterprise-ready security features makes it the number one platform of choice for regulated exchanges and financial institutions alike.