This is how the Venezuela Protocol works.
From sanctions screening to stablecoin settlement to a permanent on-chain compliance record, every payment follows the same six steps.
Through Interstice, sending payments is nearly as simple as sending an international bank wire.
All users are screened before being granted access to the platform.
Before an account can be created, every user, U.S. sender or Venezuelan recipient, must complete full KYC/KYB and sanctions screening at the entity and wallet level. No user may transact anonymously.
Venezuelan recipient submits an invoice.
A pre-screened recipient uploads an invoice with payment amount and terms.
U.S. senders initiate payment in U.S. dollars.
The sending company confirms the invoice amount. The receivable is recorded on-chain.
U.S. sender confirms compliance trail.
The sending company confirms the transaction falls within the applicable General License and reconfirms all compliance information including recipient KYC, KYB and sanctions screening. The attestation is timestamped and recorded on-chain.
Venezuelan recipients receive payment in stablecoins.
Compliance record generated.
An immutable on-chain record is created containing every element of the transaction. Available for export at any time.