Ondato partners with Radix Compliance

Friday 7 October 2022 12:13 CET | News

Ondato, a UK-based fraud prevention company has partnered with Radix Compliance, a Malta-based company focused on providing AML and KYC outsourcing.

The automated solutions from Ondato will be made available by Radix as part of their work with clients in order to raise the mitigation levels for businesses subject to specific anti-money laundering (AML) regulatory requirements.

Radix Compliance will introduce Ondato's automated onboarding capabilities to its clients. This will aid in further simplyfing business procedures and produce safer services. Radix Compliance will distribute Ondato's technology in Malta, Liechtenstein, Armenia, the UK, and the EU/EEA.

Radix offers a range of specialised services, such as bespoke AML/KYC outsourcing services, drafting of AML related policies and procedures, conducting of Business Risk Assessment, performance of independent AML or Compliance audits and taking on certain professional positions within the Compliance area. As part of their role with customers, Radix shall introduce Ondato’s automated onboarding tool to improve the mitigation levels of companies falling under certain AML regulatory obligations.

Ondato provides technological solutions such as digital identity verification, business customer onboarding, data validation, authentication, and more. These know your customer (KYC) solutions for online or offline onboarding for all business and customer types orchestrated from a single interface.

Ondato’s updates

In September 2022, Ondato launched a virtual branch service solution that enables banks to provide virtual face-to face appointments. The solution offers a series of security tools for remote service delivery, including biometric identity verification, e-signatures, and live video discussions, among others. It also automatically ensures consistent workload distribution across physical bank networks by allocating associates to less-busy branches.

Ondato, a UK-based fraud prevention company partners with Radix Compliance, a Malta-based company focused on providing AML and KYC outsourcing.

In July 2022, the company launched Ondato Risk Scoring, an automated tool for companies to identify and manage customer-associated risk during onboarding. The tool reduces high acceptance and rejection error rates associated with manual AML customer risk assessment processes.

Moreover, at the beginning of the year, in February 2022, it rolled out the Ondato OS platform, designed for businesses that need to augment their KYC and AML processes. The platform offers financial institutions understanding of their exposure, with risk-based management of new and existing customers. The platform also provides increased process automation for efficiency and lower operating costs, minimising the risk of interventions and fines from regulatory authorities.

Fraud concerns

In 2022, there are more attack vectors than ever; the landscape is much more complex and continues to hold promise for fraudsters in every single sector of the digital market. Per TransUnion, digital fraud in financial services rose by 218% in the first quarter of 2021 compared to the previous four months.

An Accertify and Arizent Research survey found that 37% of merchants surveyed revealed sales had decreased due to Strong Customer Authentication (SCA) enforcement, with added customer checkout friction (41%) and increased cart abandonment rates (38%). This card payment authentication friction, thanks to PSD2 could well lead to a rise in alternative payment methods to convert sales. And with every increased payment method, comes a whole new raft of ways to commit online fraud.

To fight these and other threats, companies need to develop strong and close partnerships with anti-fraud experts. Robust fraud detection and prevention software is of vital importance to any company that could be targeted.

For more information about Ondato, please check out the company profile in The Paypers Company Database.

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Keywords: partnership, fraud prevention, compliance, AML, KYC
Categories: Fraud & Financial Crime
Companies: Ondato, Radix Compliance
Countries: Malta
This article is part of category

Fraud & Financial Crime



Radix Compliance

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