Working in a financial institution, Liudas Kanapienis and Andrej Vištorskij faced a problem of constantly changing and stricter supervisory requirements. They realized that AML and KYC compliance are becoming a major challenge for the development and growth of a financial institution.
For these reasons, in finance, the focus is not on attracting, growing, or selling, but on meeting requirements necessary. With the experience and know-how, they decided to create solutions that help to turn compliance into a business benefit and that solutions can be used not only by financial institutions but also by other businesses that need to know their customer. And thus, Ondato was born.
Starting with the most obvious field – customer onboarding and ID verification, they didn’t stop there and went in depth to create more compliance solutions. The founders, along with their team, continued to move forward with their vision of making compliance part of a simple and understandable business process that makes it easy to onboard a customer, manage and update customer information, report to the regulator, and simply engage in direct activities.
Ondato today offers a complete compliance management suite for all ‘know your customer’ If clients have ideas – we make it happen. “ “ requirements in the financial services and other sectors that wish to provide their services in cyberspace. The company’s platform provides an integrated solution that is banking-core friendly and that spans both photo and live video identity verification, data monitoring, screening, due-diligence, risk scoring and case management.
Inceptive Minds
As mentioned, Ondato is driven by two persistent leaders, Liudas Kanapienis, the CEO & Co-founder of the company and Andrej Vištorskij, the CPO and Co-founder. Liudas is a successful entrepreneur with 13 years of professional experience in the financial services sector and Andrej spent his entire professional career leading product development teams in various financial companies.
A Comprehensive Compliance Platform
Ondato needs to be seen as a set of solutions that ends up strongly facilitating compliance. Its solutions can be combined and adapted to different business needs.
The company’s main services are customer verification, for both individuals and legal entities using one of the selected methods of video or photo. However, verification alone is not its advantage, but a comprehensive compliance platform that allows not only to verify customers, but also to check registers, sanction lists, set up periodic inspections and many other analytical processes that ensure business security.
Its key solutions include Person identity photo verification, Person identity video verification, Business photo verification, Business video verification, Facial biometric authentication, E-signature authentication, Compliance management platform. Its main advantage over its competitors is that its solutions are not monolithic, and it can adapt them in various ways, which is especially important for its customers, as everyone’s needs may vary.
An Elite team that Continuously Evolves
Ondato’s team consists of people with many years of experience in the field of finance, compliance, and IT, who are constantly improving their competencies not only by working, but also by participating in various programs, conferences, and hackathons.
The pandemic hasn’t fundamentally changed its work; it can be said that it even leads the company to go further. Since the pandemic, its team has grown significantly as the need for remote services has soared in the short term. The company’s whole field is in the electronic space, but since the pandemic, the only thing it misses is live communication in the office.
In the face of the pandemic, Ondato has focused even more and helped many businesses to move to an electronic space and serve customers there. During the pandemic, it was able to adapt its solutions to insurance companies in just a few days and now almost all major insurance companies in the Baltics are using Ondato’s solutions.
Leveraging Technology
The team at Ondato believes that undoubtedly, modern digital business simply can no longer survive without AI and ML because the competition is fierce. AI and ML can significantly reduce human resources, improve prices, avoid human error, and have many other benefits. Of course, sometimes it is not necessary to invent a bicycle, if such a solution already exists, it is simply necessary to use it, because the process itself is very long and difficult.
Ondato incorporates many technologies into compliance solutions. Undoubtedly, facial biometrics is one of the most important data to properly identify customers, to verify that a user is who he claims he is.
Ondato captures a biometric three-dimensional map of the customer’s face and AI and ML algorithms checks that the document photo matches their biometric face data. The company verifies documents and biometric data using the most advanced recognition technologies. Many other technologies are used to ensure the reliability of biometric data, such as: 3D depth recognition, liveness detection, AI mapping technology. AI and ML technologies are also used in its other solutions such as to analyze data and provide alerts for any suspicious activity.
Driven by its Mission
Ondato is driven by a mission to turn the compliance into business benefit and with the success stories of its customers the company is proving that it is possible. It is carrying a flag to create a better and safer environment for the financial world.
Ondato is already one of the leading compliance platforms in the Baltic States and it is expanding to other European counties. It will continue to focus on developing and improving integrated compliance solutions that bring the company closer to making compliance a real asset, not an area that intimidates business. The company is planning a major expansion in the coming period.
A Satisfied Clientele
“We started to cooperate with Ondato three years ago. We needed an easy to integrate one-stop-shop solution in order to evaluate customers financial information. Budget and timing were very strict, and they just nailed it.” – SAVY
“Ondato KYC solution allowed us to simplify the client’s onboarding process and reduced our operational costs. It was the simplest and fastest integration that we have ever seen, thanks to advising and to the great support of Ondato team.” – General Financing