SAVY is a virtual peer-to-peer lending platform that helps you invest money easily and efficiently. It connects users who want to borrow money with those who are lending money. SAVY acts as an intermediary reducing the risks for both sides while automating and simplifying the process. Lenders are incentivized to earn higher interest rates, while borrowers can save interest on their loans rather than using banks or other credit institutions.

Since the service itself is digital-only, client identification during onboarding was the principal SAVY’s challenge. Personal data and financial information should be verified in the shortest possible time. This is where Ondato’s services come into play.

They have implemented a complete compliance solution that quickly identifies clients. For their onboarding, they rely on fully automated identity verification that requires only a photo of its user’s document and face. The customer’s data is processed, cross-referencing it with sanctions, PEP, and adverse media checks.

The partnership results enable SAVY to reach its business targets without inventing the required technology themselves. It was a quick upgrade to dramatically improve the user experience and reduce identification time to a minimum while meeting all compliance requirements.

We started to cooperate with Ondato three years ago. We needed an easy-to-integrate one-stop-shop solution to evaluate customers’ financial information. Budget and timing were very strict, and they just nailed it.

SAVY representative

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