What is Ondato?

Ondato is an advanced platform designed to streamline remote business verification processes. It provides a comprehensive suite of tools that assist businesses in adhering to anti-money laundering (AML) regulations and ensuring compliance through efficient Know Your Business (KYB) practices. With a focus on user-friendly interfaces and automation, Ondato offers a centralized hub for businesses to verify identities, discover ultimate beneficial ownership (UBO), conduct AML screenings, and manage corporate documentation—all within a single platform.

Features

Ondato encompasses a wide range of features that cater to the needs of businesses looking to enhance their verification processes:

1. Remote Business Verification Services

• KYB Forms: Customizable forms that adhere to all KYB regulations, allowing businesses to collect necessary information efficiently.
• Ultimate Beneficial Ownership (UBO) Discovery: Automates the process of discovering ownership structures to prevent fraud and ensure compliance with AML regulations.

2. AML Screening

• Sanctions and PEP Checks: Automatically checks companies and individuals against sanctions lists and politically exposed persons (PEPs) with access to over 16 million PEP profiles.
• Periodic Monitoring: Set up continuous monitoring to stay informed of any changes in the status of clients.

3. Corporate Document Collection

• Remote Information Collection: Access local and global registries to gather corporate documents, minimizing operational costs and enhancing client experience.
• Data Accessibility: All relevant business details can be accessed from a centralized hub, ensuring efficient processes.

4. Customizable Onboarding Flow

• Tailored Onboarding Forms: Businesses can create custom onboarding forms that allow for pre-filling from business registries, ensuring a smooth and efficient onboarding experience.
• Data Review and API Integration: All collected data can be easily reviewed and integrated into existing systems through an API.

5. Global Reach

• Business Data Coverage: Ondato provides access to business data from 195 countries, including shareholder information in 105 countries and representative data from 188 countries, ensuring comprehensive coverage for international operations.

6. Security and Compliance

• Robust Security Measures: Ondato employs bank-level security protocols to protect sensitive data, ensuring compliance with GDPR and other international data protection laws.

7. User-Friendly Interface

• Intuitive Design: The platform is designed to be user-friendly, making it easy for businesses to navigate through the verification processes without extensive training.

Use Cases

Ondato can be utilized in various industries and scenarios where business verification is crucial:

1. Financial Institutions

• Banks and financial service providers can use Ondato to perform robust identity verification and AML compliance checks on their clients, ensuring a secure onboarding process.

2. Crowdfunding Platforms

• Online crowdfunding platforms can streamline their client onboarding process, reducing operational costs while ensuring compliance with regulatory requirements.

3. Telecommunications

• Digital-first telco providers can leverage Ondato to create a seamless online registration experience for their customers, enhancing customer satisfaction through efficient identity verification.

4. E-Commerce and Marketplace Platforms

• E-commerce businesses can utilize Ondato to verify the identities of sellers and buyers, reducing the risk of fraud and ensuring a secure transaction environment.

5. Digital Banks

• Fully digital banks can implement Ondato to facilitate quick and efficient client onboarding, allowing them to expand their customer base while maintaining compliance with AML regulations.

6. Real Estate and Property Management

• Companies in the real estate sector can use Ondato to verify the identities of potential tenants or buyers, ensuring that they comply with legal requirements and reducing the risk of fraudulent activities.

Pricing

While specific pricing details for Ondato are not provided, the platform typically offers customized pricing based on the specific needs of the business and the scale of operations. Businesses interested in Ondato can request a free demo to understand the platform's capabilities and discuss pricing options tailored to their requirements.

Comparison with Other Tools

When comparing Ondato to other business verification tools, several unique selling points set it apart:

1. Comprehensive Feature Set

• Ondato offers a complete suite of features, including KYB forms, UBO discovery, AML screening, and corporate document collection, all integrated into one platform, whereas many competitors may offer fragmented solutions.

2. Global Data Coverage

• With access to business data from 195 countries, Ondato provides extensive global coverage, making it an ideal choice for businesses with international operations.

3. User-Centric Design

• The intuitive and user-friendly interface of Ondato allows for easier navigation and faster onboarding compared to other tools that may have steeper learning curves.

4. Robust Security Measures

• Ondato’s commitment to security and compliance with GDPR and other international laws ensures that businesses can trust the platform to handle sensitive data responsibly.

5. Customization Options

• The ability to create tailored onboarding forms and workflows allows businesses to adapt the platform to their specific needs, which may not be as flexible in competing solutions.

FAQ

How many countries can we get KYB data from?

Currently, Ondato provides access to reports, financial statements, and credit scores from 195 different countries.

In what countries can we establish the UBO?

Ondato can establish the ultimate beneficial owners in 50 countries.

What are business verification services?

Business verification services are tools that enable companies to learn about another company before entering into a business relationship. These services are essential for maintaining honest business practices, preventing money laundering, and ensuring compliance with various regulations.

What is KYB onboarding?

Know Your Business (KYB) onboarding is the process that financial institutions and other companies undertake to confirm the legitimacy of any corporate clients. This process helps businesses avoid money laundering attempts and recognize the ultimate beneficial owner of any client, protecting the company in a timely manner.

Is Ondato suitable for small businesses?

Yes, Ondato is designed to cater to businesses of all sizes, from small startups to large enterprises, making it a versatile solution for various organizational needs.

Can Ondato integrate with existing systems?

Yes, Ondato offers API integration, allowing businesses to seamlessly incorporate the platform's capabilities into their existing systems for enhanced efficiency and data management.

What support does Ondato provide for new users?

Ondato provides a free demo to help users understand the platform's features and functionalities, along with ongoing support to assist with any questions or issues that may arise.

In conclusion, Ondato is a powerful tool for businesses looking to streamline their verification processes while maintaining compliance with regulatory requirements. Its comprehensive features, global reach, and user-friendly design make it a valuable asset for organizations across various industries.