Baltic startups Ondato and Satchel team up to drive compliance innovation

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Ondato, a leading technology company streamlining KYC and anti-money laundering related processes, and Satchel.eu, a European electronic money institution (EMI) offering accounts, cards and d other business and consumer financial services, today announce a new partnership to strengthen Satchel’s KYC, AML and CFT* compliance procedures.

The partnership will also provide Ondato with a trusted environment for the rapid development of new solutions.

The partnership will integrate Ondato’s end-to-end automated identity verification services into Satchel’s banking platform, helping EMI turn compliance into a business advantage. Since Ondato’s platform complies with all EU KYC-related regulatory compliance standards, Satchel.eu will be able to adapt its services easily and quickly, in line with the rapid expansion of its customer base. Additionally, Satchel.eu benefits from improved operational efficiency and an added layer of fraud protection for its business and retail customers. Ondato, for its part, gains privileged access to one of the fastest growing fintech companies in Europe, where it can co-create and perfect innovative technologies and services. By integrating Ondato, Satchel.eu hopes to improve workflows at every user touchpoint of the KYC and compliance journey.

Sergiy Barybin, CEO of Satchel.eu, says: “Collaborations and partnerships drive the fintech industry forward. By combining the strengths of Satchel and Ondato, we will raise operational standards and ensure strict compliance to combat the ever-increasing challenge of fraud and scams. Ondato’s end-to-end compliance solution meets all EU requirements and allows Satchel to grow faster, while providing the full suite of solutions needed to make our internal processes more cost effective and efficient.

Liudas Kanapienis, CEO and co-founder of Ondato, comments: “Ondato’s solution transforms compliance – often seen as a drag on business – into a business advantage, with more agility, customer protection and operational efficiency. Satchel is recognized as one of the world’s centers of innovation in financial services and, by partnering with Ondato, its client documents and biometric data will be verified using the most advanced recognition technologies and checked against to relevant national and international registers and databases. Ondato gives Satchel full confidence that it operates in full compliance with personal data protection laws, KYC, AML, CFT and online security regulations.

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