interVASP Messaging Standard 101 (IVMS 101)
Initially released in 2020 by the Joint Working Group (JWG) on interVASP Messaging Standards, IVMS 101 is the universal common language for communication of required originator and beneficiary information between VASPs used by all leading Travel Rule solution providers.
In April 2023, GBBC Digital Finance (GDF), OpenVASP and VASPnet joined forces to maintain and further develop the existing IVMS 101 standard to create greater consistency and integrity within the crypto ecosystem.
A new interVASP Standards Working Group (ISWG) has been formed as an open Independent Working Group Node, under the auspices of GDF’s Open Standards Council. Andrew Davidson of OpenVASP and Neil Samtani of VASPnet are co-chairing the standards development.
The ISWG released an update to IVMS 101 on 4 June 2024.
Download IVMS 101.2023
The contents of the IVMS 101.2023 data model standard comprise:
- Background and rationale
- Scope
- Data principles
- Datatypes
- Handling multiple character sets
- Business examples
To download a copy of the standard and be kept up to date of proposed changes, enter your email address.
Background
In October 2018, the Financial Action Task Force (FATF) adopted changes to its Recommendations to explicitly clarify that they apply to financial activities involving virtual assets (VA), effectively expanding the scope of the Recommendations to apply to virtual asset service providers (VASPs) and other obliged entities that engage in or provide covered VA activities.
There exists a need for VASPs to adopt uniform approaches and establish common standards to enable them to meet their obligations resulting from the FATF Recommendations as they apply to affected entities.
Joint Working Group on interVASP Messaging Standards (JWG)
A cross-industry, cross-sectoral joint working group of technical experts was formed in December 2019, and a new technical standard was developed by the group and released in May 2020. The Joint Working Group on interVASP Messaging Standards (JWG) was established by three leading international industry associations representing VASPs:
- Chamber of Digital Commerce
- Global Digital Finance
- International Digital Asset Exchange Association
The JWG, comprising over 130 technical experts from around the world, developed interVASP Messaging Standard IVMS 101, a universal common language for communication of required originator and beneficiary information between VASPs.
The JWG was independent of any industry body, sector or firm but was supported by leading national and international virtual asset industry associations as well as individual VASPs and technical solutions providers. The FATF and key regulators such as Financial Crimes Enforcement Network (FinCEN), Monetary Authority of Singapore (MAS), the Financial Conduct Authority (FCA) and the Japan Financial Services Agency (JFSA) were kept informed as IVMS 101 was developed.
The work of the JWG was supported by members of XReg Consulting, with weekly calls of technical experts facilitated by Siân Jones (convenor and co-lead of the JWG) and Neil Samtani (Technical Editor of IVMS 101). Extensive support from the three industry associations was provided by their respective JWG co-leads, Amy Davine Kim (Chamber of Digital Commerce), Anson Zeall (International Digital Asset Exchange Association) and Malcolm Wright (Global Digital Finance, now GBBC Digital Finance) and other individual members and executives of those associations.
Partners
2023 – Current
2019 – 2020
