What is IVMS101?

IVMS101, or the InterVASP Messaging Standard 101, is a globally recognised data format that enables secure, consistent, and interoperable communication between VASPs. Developed to support compliance with the FATF Travel Rule, it plays a critical role in helping UK cryptoasset businesses meet their regulatory obligations under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer and the Payee) Regulations 2017, which were amended in 2022 to incorporate cryptoasset transfers.

The Travel Rule in the UK Context

Since 1 September 2023, all UK-registered cryptoasset firms supervised by the FCA must comply with the Travel Rule. This regulatory requirement mandates the collection, verification (where appropriate), and transmission of specific information relating to both the payer and payee in a cryptoasset transaction.

For the payer, firms must obtain the name, account number or wallet address, and one of the following: residential address, national identity number, or customer identification number. For the payee, the name and account number or wallet address are required. These obligations apply regardless of transaction value, although a risk-based approach is encouraged for lower-value transfers and those involving unhosted wallets.

How IVMS101 Enables UK Compliance

IVMS101 provides a structured and machine-readable JSON schema that enables UK firms to collect and transmit required Travel Rule data in a format that is both technically robust and regulatorily sound. By adopting IVMS101, firms ensure that their messaging practices align with FCA expectations regarding data completeness, integrity, and security.

Crucially, IVMS101 also facilitates cross-border compliance. As jurisdictions around the world begin enforcing similar Travel Rule requirements, IVMS101 offers a standardised language that allows UK VASPs to interact seamlessly with international counterparts. This reduces the risk of data mismatches, failed transfers, and compliance breaches. Many of the solution providers operating within the UK already support IVMS101, making integration relatively straightforward for firms ready to operationalise Travel Rule obligations.

Features & Benefits of the Standard

IVMS101 defines a common structure for capturing the full set of required payer and payee information, while allowing flexibility for jurisdiction-specific variations. It is neutral and technology-agnostic, meaning it is not tied to any single vendor or platform. This makes it an attractive option for firms seeking scalable and adaptable compliance infrastructure.

Because the standard is widely endorsed by regulatory bodies, industry associations, and technical working groups, it gives UK firms confidence that the data they exchange will be accepted not only domestically but also by VASPs abroad. It simplifies due diligence processes, supports automation, and helps maintain data quality and privacy throughout the transaction lifecycle.

How it Works

Here's a simplified flow illustrating how IVMS101 operates in a VASP-to-VASP transfer.