We are happy to share that G2’s Winter Report 2024 awarded Ondato with 10 titles, solidifying us as trusted providers among the best Anti-Money Laundering, Biometric Authentication and Identity Verification software.
This quarter, Ondato earned the Leader title in AML software. The Leader title was awarded to less than 3% of all software and service providers on the G2 platform.
What Awards did Ondato Receive?
Anti-Money Laundering category:
- High Performer in EMEA
- Small Business High Performer
Biometric Authentication category:
- High Performer
- Momentum Leader
- Easiest to do Business With
Identity Verification:
- Momentum Leader
- High Performer
- High Performer in EMEA
- High Performer in Europe
Why Ondato?
Taking into account the recognition we’ve garnered, let’s delve into the factors that lead our customers to choose our services:
Cost Efficiency:
Traditional Know Your Customer (KYC) and Anti-money laundering (AML) processes involve significant expenses such as labor, office space, technology, training, and more. The costs associated with hiring skilled KYC specialists alone can exceed the expense of any compliance solution. Integrating an automated compliance service like Ondato can lead to a noteworthy reduction in overall AML compliance expenses, potentially halving the costs or more, depending on the specific business context.
Enhanced Customer Experience:
Digital identity verification provides a seamless and convenient user experience. Advances in regulatory technology enable the effortless collection of sensitive KYC data and documents from users. By eliminating the need for in-person interactions, customers can easily become clients of banks or cryptocurrency traders from the comfort of their homes.
Reduced KYC/AML Processing Time:
Recognizing the direct link between application speed and customer satisfaction, it is crucial for KYC and AML processes to be as brief as possible to retain clients. On average, banks spend around 18 minutes verifying a client’s identity and conducting KYC and AML checks, often causing customer frustration. Ondato, on the other hand, significantly reduces processing times, thus mitigating customer frustration.
Improved KYC Success Rate:
Human errors are inevitable in manual Know Your Customer processes, leading to occasional oversight of critical KYC data that could indicate a client’s high-risk status. The implementation of AI-based Regtech solutions substantially enhances the success rate of the verification process. These solutions excel at identifying document alterations and spoofing attempts, effectively minimizing potential risks.
Uncover the impact Ondato has on KYC and AML market by exploring our highest-rated products:
- Identity verification service
- Business verification service
- Sanctions screening and monitoring software
- Age verification software
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