BCCS partners with Ondato to Enhance the Value Chain of Services with Compliance Solutions to meet requirements for Fintech companies 

Lithuanian compliance solutions company Ondato partners with the BCCS (Blockchain Cybersecurity and Compliance Solutions) Cluster and complements the value chain with a complete compliance management suite. Launched in 2016, Ondato has developed remote KYC and compliance solutions, which help to identify both private individuals and legal entities, review data registers and fully authenticate clients; all in line with the highest security and reliability requirements.

It is well known that the compliance requirements for fintech companies are still a major headache, making it hard to operate in a global market. While the main goal of the BCCS Cluster is to facilitate fintech business processes, this partnership with Ondato enables businesses to meet compliance requirements quickly and invisibly. The platform provides everything in one place; both photo and live video identity verification, data monitoring, screening, due diligence, risk scoring, and case management. The seamless integration allows the identification of customers from all around the globe, without worrying about independent legislation in different countries.

“Each year, various financial institutions, including fintech companies, pay more than $10 billion in fines for KYC, AML and CTF compliance violations. Ondato’s main goal is to ensure that companies do not incur losses, and that compliance becomes an advantage rather than a business burden.”states Liudas Kanapienis, CEO and Co-founder, Ondato.

These compliance solutions can be tailored to even the most demanding of business agendas, and are suitable for the entire fintech industry, from payment companies and electronic money institutions, to crowdfunding and investment platforms. While changes in products, context and regulations might occur in the future, one constant will always remain: There is no business that would survive without clients. This means that the need to know your client better, faster and in simpler terms is the most consistent and endless business growing pain, and Ondato is here to solve it in a fast, safe and simple way. 

“The decision to join the BCCS Cluster was driven by the common goal of facilitating Fintech’s business processes. From our point of view, by collaborating, the Fintech community can achieve more than by competing, and the ability to find the solutions to everything in one place further facilitates Fintech’s development and operations. We believe that businesses need to focus on what they do best: develop products and provide services, rather than address compliance challenges for example.” states Liudas Kanapienis, CEO and Co-founder, Ondato.

By being a part of the BCCS Cluster, Ondato will not only provide services of the highest quality, but will also share insights on how to adapt to changes. For example, in response to the COVID-19, Ondato has adapted its technologies for use in insurance companies, the legal sector and state institutions, assisting them in continuing to provide services during the pandemic. For more information please contact BCCS Cluster at https://bccs.tech or Ondato at info@ondato.com

Article Sources:

https://ondato.com/

https://tech.eu/brief/ondato-seed-funding/ 

https://www.eu-startups.com/2020/06/lithuania-based-ondato-attracts-e450k-for-its-kyc-solutions/

https://emerging-europe.com/business/despite-brexit-lithuanian-digital-identity-verification-start-up-ondato-moves-to-london/