HeavyFinance operates as a platform, bridging the gap between investors and small to medium-sized agricultural enterprises. The primary focus of HeavyFinance is facilitating the adoption of regenerative soil management techniques, which actively contribute to the global initiative of reducing atmospheric CO2 emissions. The investment prospects available on the platform are securely backed, with heavy machinery or land serving as collateral, ensuring a robust and reliable investment environment.
Identity Verification for Investment Solutions
As any investment solution company, HeavyFinance is required to implement measures to prevent money laundering and terrorist financing, in accordance with the legal frameworks that govern our operations.. On top of that, as investing involves risk, it is important that HeavyFinance takes measures to ensure the highest level of trust between farmers and investors.
With these things in mind, it is important for HeavyFinance to use an efficient Identity Verification (IDV) process. This allows the company to know who they are working with, protecting both parties.
Ondato’s IDV Solution
To help HeavyFinance stay compliant and protect their users, we have implemented our IDV solution. To streamline the onboarding process and get the best results, our IDV solution uses AI technology. With this, verifications take less than 60 seconds to complete and provide results with 99.8% accuracy. We also ensure the highest standards of AML (Anti-Money Laundering) compliance with the latest KYC, GDPR and AML guidelines. All of this ensures that HeavyFinance can protect their users from risky investments.
Our solution also includes validity checks using global databases and registries. To avoid unnecessary form-filling, we employ optical character recognition. Our system is able to recognise over 10 thousand document templates to ensure all users can be processed regardless of document type.
How does Ondato’s IDV Work?
Ondato’s IDV process includes three stages:
Data Capture: Users initiate the process by taking a selfie and photographing their ID document. Our advanced AI then employs optical character recognition and a range of spoofing detection tools to validate the accuracy of this information.
Biometric Verification: After our AI verifies the authenticity of both the user’s photo and the ID document, it proceeds to compare the biometric data from both sources to ensure a match.
Background Checks: The gathered data is then cross-referenced against databases containing sanctions, adverse media information, and politically exposed persons lists. Our system interfaces with over 15,000 AML sources, leaving no room for potential oversight.
Laimonas Noreika, the CEO and Co-founder of HeavyFinance commented: “At HeavyFinance, we’re committed to connecting farmers with investors in a secure and trustworthy environment. Leveraging Ondato’s advanced IDV solution ensures our compliance with anti-money laundering regulations while providing quick and accurate verifications. This is crucial for building trust and protecting our users from potential risks, ultimately fostering a reliable environment for agricultural financing.”