Basic Mode vs Advanced Mode
To accelerate Travel Rule adoption in the industry, particularly among small to medium sized VASPs, GTR has introduced a "Basic Mode". This new version enables VASPs to manually initiate Travel Rule requests and respond to received requests, ensuring they can swiftly comply with regulatory requirements without requiring extensive technical system integration.
If the business size of the Basic Mode client grows, clients can upgrade to the GTR Advanced Mode (API version) at any time, by completing the Security Questionnaire and API Integration. This full-featured GTR version enables automated transmission of Travel Rule information in larger volumes through API, offering greater efficiency and scalability.
| GTR Basic Mode | GTR Advanced Mode | |
|---|---|---|
| Suitable VASPs | Small-to-medium sized VASPs | Medium-to-large sized VASPs |
| Onboarding Forms | Short version, consisting of:
| Full version, consisting of
|
| Initialize Travel Rule request | Manually only | Manually or via API |
| Respond to received Travel Rule request | Manually only | Manually or via API |
| Applicable for subscribing GTR Add-on services? | No | Yes |