Ondato launched the Ondato OS platform, which defines a new technology category that integrates all the KYC and AML tools and services needed by online businesses to onboard customers safely.
Ondato OS offers financial institutions a significantly better understanding of their exposure, with risk-based management of new and existing customers. The platform also provides enhanced process automation for greater efficiency and lower operating costs, minimizing the risk of interventions and fines from regulatory authorities.
Companies offering financial services online increasingly require more robust security and fraud prevention solutions to counter the expanding threat of online fraud. Demand for identity verification is growing strongly, driven by rapid innovation in financial technology. Global fintech investment in 2021 was US$210 billion across a record 5,684 deals — up from US$125 billion across 3,674 deals in 2020, according to KPMG’s latest ‘Pulse of FinTech’ report.
In the UK the pace of growth has been even faster, up an astonishing seven-fold over the previous year, according to the same KPMG dataset. At the same time, existing KYC management solutions are lacking a comprehensive and unified approach that would streamline the myriad processes that are carried out by KYC officers.
Ondato OS’ risk-based customer management capability is a smarter way to approach KYC procedures that guarantees safety and flexibility. Financial institutions can tailor information gathering according to the products or services selected by individual clients. The level of scrutiny needed for an insurance customer is not the same as needed to open a new bank account, for example. The OS has the flexibility to recognize these differences and only ask customers for data that is necessary to onboard them for the service they want, rather than a full suite of forms in every case.
As well as avoiding unnecessary customer signup abandonment, this approach is more efficient and lower costs for businesses, as they can manage customer data from client cards and adapt their processes to better suit their business case.
The new OS consolidates, updates and streamlines Ondato’s end-to-end compliance suite within a single platform. Each individual service has been upgraded and integrated into a new, holistic ‘compliance CRM’ that provides online financial players with an unprecedented level of clarity about new and existing customers, including those imported into Ondato from legacy compliance systems.
Liudas Kanapienis, CEO and co-founder of Ondato, says: “Ondato OS represents a step change in the evolution of compliance. It embeds compliance in the organization and creates a denser, 360 degree, CRM-like view of the customer at the time of onboarding and throughout the customer lifecycle. Ondato OS eliminates manual tasks, freeing employees from robot jobs, and enables businesses to focus on their core operations. With Ondato OS, we believe more than ever that we are helping turn KYC compliance into a business benefit for our clients.”
As well as taking identity verification to a new level, the new Ondato OS provides organizations’ back office people with the tools to fully manage customer data, including task management across the employee team, risk scoring, profiling and case management. It provides key capabilities that are highly adaptable to customers’ needs, with a broad range of verification and signing options for individuals and legal entities.
Adaptability for businesses results from a single platform for all KYC compliance monitoring and management, custom-fitted by Ondato experts to specific processes. The OS can also be fully tailored to where businesses operate, with options to incorporate national and international registries and databases, languages and document types.
The granular control of data provided by Ondato OS will make it easier for compliance officers to identify cases that fall into gray areas and other potential risks, enabling them to conduct further checks. The new platform also builds a more complete overall view of the health of the existing customer base, helping users to avoid pitfalls and cover current weaknesses, as well as identifying new product and marketing opportunities.
Ondato OS automates and removes repetitive, simple tasks, within highly customizable frameworks that are adaptable to individual company’s compliance needs. Increased efficiency translates into higher capacity to absorb new customers safely, as well as relief in terms of competition for hires in a heated jobs market. According to Ondato, depending on company size, customers may need just one compliance officer supported by the Ondato OS.