Ondato makes its OCR engine available to all ID vendors

Tuesday 21 March 2023 13:22 CET | News

Technology company Ondato has made its AI-powered Optical Character Recognition (OCR) engine a stand-alone service for other ID vendors and companies.

Following this announcement, the product will be available as an API integration for the use of third parties, such as ID vendors or any organisation that will leverage it to fight digital fraud. 

Currently, the service is embedded in Ondato’s own identity verification and business onboarding suite of solutions, including multiple offerings. It provides clients with the possibility to read and digitalise numerous document templates in a faster, more accurate, and more efficient way, as well as the capability to automatically feeds the data to any system database or tool. The process is followed by the delivery of a quicker KYC and AML compliance that takes part in the onboarding process made by companies and organisations across many sectors around the world.

Furthermore, Ondato’s OCR tool was designed to automatically identify and use relevant personal information from identity documents or photos of documents and files. While using this solution, customers can benefit from faster paper reading and checking procedures, as well as from the newly added automation capabilities. 

The solution is effective in multiple languages and alphabets, having the capability to read QR (Quick Response) codes, VIZ (Visual Inspection Zone), MRZ (Machine Readable Zone), encrypted information, PDF415 barcodes, and the ability to cross-check the information between all of those services in order to return only the validated data to the user. It also includes special characters, non-Latin scripts, and ideograms that are used in certain writing systems and can be used currently in 186 countries. 

One of the main priorities of the OCR service is to ensure compliance with data protection regulations, such as the European Union’s GDP legislation. To do so, the data is only stored on Ondato’s customers’ servers when the process is complete. In the case of a needed audit purpose, Ondato also offers a cloud repository to serve as a secure storage place, while the additional security, fraud, and spoofing checks are carried out as needed. 

Clients can fulfill additional document template requests within five working days. The product was created to adapt to the preferences and demands of customers without the need for human interaction, as it automatically learns new document types based on pre-existing logic. 

Technology company Ondato has started to market its AI-powered Optical Character Recognition (OCR) engine as a stand-alone service for other ID vendors.

Ondato’s development in the fraud management industry

UK-based tech company Ondato streamlines KYC and AML-related processes while providing technology solutions such as digital identity verification, data validation, authentication, business customer onboarding, and more. 

Ondato appeared in one of the `Voice of the Industry` articles published by The Papers in March 2023, entitled `Regtech & Identity Verification Buys & Funding Analysis in Europe 2022/2023’. It was mentioned for its partnerships with AMLYZE and Radix Compliance. 

The company announced its collaboration with Lithuania-based regtech AMLYZE to help financial institutions match business growth with risk exposure. The deal aimed to bring together two leading financial crime prevention and compliance services providers with a focus on creating value and synergies for the fast-growing financial services ecosystem. 

Earlier in October 2022 Ondato partnered with Radix Compliance, a Malta-based company that focuses on providing AML and KYC outsourcing. The automated solutions from Ondato were set to be made available by Radix as part of their work with clients in order to raise the mitigation levels for organisations that were subject to specific anti-money laundering (AML) regulatory requirements. 

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Keywords: fraud management, fraud detection, fraud prevention, KYC, KYB, AML, digital identity, artificial intelligence, machine learning
Categories: Fraud & Financial Crime
Companies: Ondato
Countries: World
This article is part of category

Fraud & Financial Crime


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