Transfer Status Management
VASPs are reponsible to keep and oversee the status of the asset transfer data in which they participate.
Data to Save
| Data | Description |
|---|---|
| transferId | Unique ID assigned to asset transfer details |
| status | Status information of the asset transfer details |
| Transaction asset information | Asset transfer details, such as symbol, amount, etc. |
| Sender/receiver information | The name of the party to the asset transfer transaction |
| Sending/transmitting VASPs information | Information on asset transfer VASP |
Status
The status values of the transferId must be managed in a more detailed way. This is not only to manage each transfer case properly, but also to provide accurate responses when the counterparty (beneficiary) VASP requests a Transaction Status Search inquiry.
The content of this page is for guidance only, but it outlines the minimum required standards. We would appreciate it if you could refer to it and follow accordingly.
| Status | Description |
|---|---|
| wait | The originating VASP has requested the beneficiary VASP for the asset transfer authorization and is waiting for its response. |
| verified | The asset transfer has been authorized by the beneficiary VASP, but the transaction has not yet been executed on the blockchain. |
| denied | The asset transfer authorization has been denied by the beneficiary VASP. |
| pending | The blockchain transaction has not been sent yet and is currently pending. |
| processing | The transaction has been sent to the blockchain but is currently waiting to be mined. |
| wait-confirmed | The blockchain transaction has been mined, but finality has not yet been secured. |
| confirmed | The asset transfer on the blockchain has been completed, and the TXID has been updated. |
| canceled | The asset transfer has been canceled, and the transaction was not executed on the blockchain. |
Beneficiary VASP View
- You need to monitor Travel Rule information and blockchain network data separately and map them
- There is a probabilistic chance that the status may change from 'confirmed' to 'canceled'.
Originating VASP View
- verified / denied: Determined based on the response from the counterparty VASP to the 'Asset Transfer Authorization' request..
- Sending the 'Asset Transfer Result'(txid) is recommended only after blockchain finality has been secured.
- There is a probabilistic chance that a 'confirmed' transferId may also be canceled.
Updated 18 days ago