Ondato Introduces New KYC and AML Tool Ondato Risk Scoring

Ondato, a technology company that streamlines KYC (Know Your Customer) and AML (Anti-Money Laundering) processes, announced the launch of Ondato Risk Scoring, an automated tool for companies to identify and manage customer-associated risk better and faster during onboarding.

The new tool reduces high acceptance and rejection error rates associated with manual AML customer risk assessment processes.

Ondato Risk Scoring delivers an advisory risk assessment that gives financial institutions a significantly better understanding of their AML risk exposure across their customer portfolio. It shows each customer's risk score, enabling companies to make informed decisions about how to manage that risk and what additional actions to take to minimise the risk. The solution is fully integrated in the Ondato OS platform, which covers the entire customer onboarding cycle, creating risk-based management of new and existing customers.

Liudas Kanapienis, CEO and co-founder of Ondato, says:"Part of the challenge preventing better AML compliance is that the majority of current risk assessment and risk management tools are still based on spreadsheets, such as Excel, or static reporting platforms. As a result, they do not allow data to be analysed in one place and at a scale large enough to cope with the demands of growing companies or established institutions. Ondato Risk Scoring eliminates the need for spreadsheets, automates the risk assessment process, and generates a more fine-grained picture of risks."

Source: Finextra