CODE protocol
CODE is a proprietary data exchange protocol developed by code, a Korean provider of specialized Travel Rule services for VASPs founded by the leading local virtual asset exchanges, Bethumb, Coinone, and Korbit.
How CODE protocol works
Sumsub utilizes CODE as a bridge that verifies and delivers information about the beneficiary VASP/wallet address and authorizes the transaction via API.
Information exchange through CODE protocol
The information exchange is carried out in the following manner:
For outbound transactions:
- The sender VASP creates a transaction and sends a request to find the VASP to which the beneficiary's wallet address belongs.
- If the search is successful, the sender VASP requests to confirm whether the remitter asset address can be reached via CODE. If the wallet search result is invalid, a detailed explanation is sent in response.
- The sender VASP requests the remitter VASP to authorize the transfer.
- The remitter VASP checks the sender's information and rejects the transaction or authorizes it.
- The sender VASP updates the status of the transfer (verified or denied).
For inbound transactions:
- The sender VASP requests to confirm whether the remitter asset address can be reached via CODE.
- The required information is sent to Sumsub via CODE and the respective transaction is automatically created and scored using applicable rules.
- The beneficiary's name is matched against existing client applicants.
- The sender VASP updates the status of the transfer (verified or denied) and sends it to Sumsub via CODE.
Updated 10 days ago