Lithuanian company CoinGate is a cryptocurrency payment gateway that offers tools and infrastructure for merchants to accept payments in more than 70 cryptocurrencies.
Using their solutions, consumers use cryptocurrency to pay for various goods and services, and now businesses can pay for KYC and AML services as well. Ondato explains that in order to provide customers with the most convenient ways to pay for services, they are using CoinGate’s payment tools.
According to data released by Deloitte, businesses who accept digital currencies grow their customer bases by 46% and gain a 87% competitive advantage in the market. Ondato recognized the need to provide this extra payment option so that both current customers and potential consumers in the cryptocurrency industry would have more convenience. Users will be able to pay directly through CoinGate from their cryptocurrency wallets.
London-headquartered Ondato is a tech company that streamlines KYC and AML-related processes. Ondato provides technological solutions such as digital identity verification, business customer onboarding, data validation, authentication, and others. These provide KYC online or offline onboarding for all business and customer types orchestrated from a single interface.
CoinGate is a Lithuanian fintech company founded in 2014, primarily developing payment solutions for companies looking to integrate Bitcoin and other cryptocurrencies as payment methods with a built-in crypto-to-fiat bridge. The company offers flexible crypto payment processing and accounting services for businesses of all sizes.
At the beginning of September, the fraud prevention company launched a virtual branch service solution hat allows banks to provide virtual face-to face appointments.
The solution offers a series of security tools for secure remote service delivery, including biometric identity verification, e-signatures, and live video discussions, among others. It automatically ensures consistent workload distribution across physical bank networks by allocating associates to less-busy branches.
Earlier, in August, Ondato teamed up with Hawk AI to offer integrated AML and KYC processes. The companies jointly offer an integrated KYC validation process combined with AML Transaction monitoring and behavioural analytics suite. Both solutions are modular and can be integrated quickly.
According to research by Allied Market Research, the global cryptocurrency market size was valued at around USD 1.5 billion in 2020 and is expected to reach close to USD 5 billion by 2030, which shows the continuous interest in alternative payment systems and stablecoins.
In this idea, US-based cloud-native payments company Gr4vy has recently announced a strategic partnership with cryptocurrency exchange platform BitPay to allow its merchants to easily accept crypto payments through BitPay’s checkout offering.
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