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Ondato Review (2021): The Best Cloud-Based Compliance Management Solution

Ondato Review 2021:

Ondato – One of the Leading Platforms for Identity Verification:

Today’s business world has been invaded by a myriad of scammers, phishers, and hackers who are making it difficult for institutions to understand if they can trust the identity of their customers. And for industries as finance and shared economy, it is crucial to verify the identity of their customers to know who they are dealing with and never give scammers a chance for fraud.

Now you know why you need it, but you are probably still unsure how you can get it to work for your business. It is completely understandable, and it is never easy for a business to verify the identity of each customer when there are thousands of them every day. Well, you are in luck because, unlike in the past, there are a lot of platforms that are capable of ensuring security and compliance standards for your business.  

Since you are here, we are sure you have already heard about them but are just confused about which one to approach because, honestly, there are so many of them. Today, let’s discuss one platform that might be the best pick for you.

Ondato:

Ondato is an online platform designed to help financial institutions that require identity verification, such as lenders, banks, and other businesses. It provides customers with the means for identity verification, authentication tools, and features for compliance management. The best thing about this platform is that it is completely cloud-based and works with the KYC (Know Your Customer) framework that is extremely helpful in verifying clients’ identity to reduce the risk of any fraud.

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It is a one-stop-shop solution that helps financial institutions by using advanced technologies for authentication and recognition of documentation and biometric data. It is also capable of checking if the data your customer is providing can be found in the national and international database and registries.

Ondato comes equipped with a set of solutions that make it stand out among its competitors. Let’s take a quick look at the key features Ondato offers. 

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Key Solutions of Ondato:

1- Photo Identity Verification:

Working in compliance with the latest AML and GDPR guidelines, Ondato makes sure that each of your customer’s identities is genuine in a procedure that is completely immune to fraud. 

Key Benefits:

  • You can verify each of your customers through a system that is completely automated and easy to navigate.
  • Ondato carefully checks every customer and promptly detects all malicious intents.
  • It can be used on any device or browser that has a camera.

2- Video Identity Verification:

Ondato also provides a real-time solution in case you need to verify your customers through a video call. It takes the customer on a call to run the verification. The video chat verification that is backed up with the assistance of an agent is one of the best ways to verify the identity of your customer, and it can be adapted for any business procedure online.

Key Benefits:

  • Seamless, convenient, and incredibly secure method of verifying your customer identity.
  • The identity verification process is guided by specialists and performed in real-time.
  • It is a proven method that improves your conversion and churn rates.

3- Business Photo Verification:

Get your business partners on board without any effort at all. Ondato provides solutions for businesses by verifying all information, so there is no chance of fraud or scam. It makes the complete verification process automatic and allows only legitimate customers on board. It also gathers the following information from company registries to ensure the legality of information:

  • Registry statement of the company
  • Financials of the company
  • Structure of the company
  • The beneficial owner of the company
  • Any additional data

Key Benefits:

  • You can verify customers through a completely automated system.
  • It supports all official documents in the world, with no limits.
  • It can be used on any device that has a camera.
  • The checks of the representatives in registers and the business shareholders are completely automated.
  • It involves an ISO-certified spoofing prevention level 1-2.

4- Business Video Verification:

Ondato allows your business representatives to hold face-to-face discussions with your customers while assisting them wherever possible. The whole process is rapid and complies with the AML regulations and GDPR. Moreover, Ondato ensures that the experience is flawless at both ends – for you and your client. It finds the following information from company registries to ensure the legality of entity information:

  • Registry statement of the company
  • Financials of the company
  • Structure of the company
  • The beneficial owner of the company
  • Any additional data

Key Benefits:

  • The checks of the representatives in registers and the business shareholders are completely automated.
  • It works with all official documents around the world, with no limits.
  • Easy to launch, synchronize and use. Requires no IT work from the customer’s side.
  • It involves an ISO-certified spoofing prevention level 1-2.

5- Biometric Authentication:

Unlike the old-school authentication methods, the biometric 3D face map of a customer is the most advanced and quickest method to authenticate returning customers. It confirms whether the users are who they are claiming to be before they can get any access to your services or products. Ondato makes this possible by matching the 3D map of the customers’ faces during the authentication with the photo customers provided.

Key Benefits:

  • A higher level of identity assurance.
  • The straightforward process of authentication is completely secure and quick.
  • Process translation into any language is available.

6- E-signature Authentication:

E-signature is one of the most secure ways of authentication, and the best thing about it is that it is the most simple and cost-effective way of ensuring that the identities of your customers are completely safe. It helps businesses around the world to meet the requirements of different regions, providing a simple solution to all users who lack digital confidence.

Key Benefits:

  • Ondato works with any E-signature from around the world.
  • There is no compromise over security.
  • The authentication solution is user-friendly, simple, and easy to navigate.

7- Compliance Management Platform:

Ondato provides a one-stop-shop solution to meet more than 15 compliance requirements of KYC. It takes care of all the customer base information and divides it into reports, setting up data screening, centralized risk ratings, and customer cards.

Key Benefits:

  • Easy data transfer from any existing CRM.
  • Business intelligence dashboard.
  • API integration is available but not mandatory for full usage.

Pros:

  • It is user-friendly and easy to use.
  • The customer service is always on point.
  • It provides a lot of unique features and values at its pricing.
  • It is a cloud-based platform.
  • Remote working features for identity verification and authentication.

Cons:

  • No particular cons have been noted as of yet.

Ondato Pricing Plan:

Ondato doesn’t provide any fixed pricing plans as it varies from customer to customer, but you can get in touch with them using this link and get an individual pricing plan that suits your business requirements.

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Ondato Details:

  • Website: www.ondato.com 
  • CEO: Liudas Kanapienis
  • Industries: Information Technology and Services
  • Company Size: 51-200 employees
  • Founded: 2016
  • Specialty: Fintech, AI, Biometrics, Identification, KYC, Compliance, and AML
  • Head Office: London, UK
  • Type: Privately Held
  • uCompares rating: 4.9/5

Conclusion:

We assume that now you have a better understanding of what Ondato has to offer to your business. A cloud-based platform capable of verifying each of your customers can prove a powerful asset because it acts as a firewall that is always there to stop any fraud that might threaten your business. This can actually help you, in the long run, to save a lot of time and money.

We will definitely recommend you to give Ondato a shot and see how happy you are with the results. From our experience, we are quite sure that once you see the results, you will never want not to leave their services.

We hope that our review has made it easier for you to decide, as we have tried our best to bring all the necessary information about Ondato. Our team wishes you the best of luck!

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