Ondato Pricing Packages: What’s Included in the Free Plan?

To effectively deal with the threat of fraud, money laundering, and security attacks on financial institutions, every organization today needs to heed the Know Your Customer (KYC) and Anti-Money Laundering (AML) standards that are fairly circulated worldwide. With these, organizations can implement identity management software to streamline KYC and AML-related processes.

Ondato is an identity management software that helps businesses remain vigilant while managing user databases with ease and security. In this article, we’ll take a deep dive into the Ondato pricing packages and its core features and capabilities. To help you choose the most ideal package for your business, we outline what each plan offers, how much the core feature offerings of Ondato cost, and how the product can protect your organization against all types of identity theft and financial crimes.

Financial institutions across the globe are required to comply with customer onboarding processes that follow AML and KYC regulations. To ensure that organizations are safe from money laundering and terrorist financing, the regulations are widely circulated for compliance. These steps must be taken to identify the potential risks to customers and apply control mechanisms appropriate to the risk levels of each customer.

Due in large part to the complexity of KYC and AML-related processes, most financial institutions take an average of 24 days to onboard customers, as cited in a recent report by Forbes. As a result, banks and financial organizations are becoming more susceptible to customer abandonment and diminished brand perception.

According to a recent onboarding statistics by Kyckr, 90% of bank clients are likely to abandon onboarding applications if they take more than an hour to complete. Even worse, 12% of bank customers abandon applications if the process takes longer than five minutes.

Without the proper technological infrastructure for KYC and AML compliance, however, financial institutions stand the risk of paying fines for non-compliance with the required onboarding processes in the financial sector. Although implementing a KYC compliance solution may come at a steep cost, it gives businesses their money’s worth by avoiding instances of identity theft and fraudulent activities that threaten the financial health of their organization.

Luckily, there are now plenty of cost-effective compliance solutions and identity management software built for financial institutions. Tools like Ondato can help businesses simplify the client onboarding process and ensure that it is effective and fraud-proof. To give you a better understanding of how much Ondato can cost you and the benefits that it provides, we discuss in detail the Ondato pricing plans and their inclusions.

Overview of Ondato

Ondato is an end-to-end KYC and AML solution that provides a comprehensive operating system for identity management, client onboarding, and user base management. Specifically designed for financial institutions, the platform enables businesses to streamline internal KYC and AML-related processes. The solution offers bank-level security, compliance with GDPR, and other international data protection laws and global database coverage to protect financial services against scam, fraud, and money laundering.

Ondato is equipped with all the tools you need for KYC compliance. It offers a unified dashboard with customizable modules to help you cover the full spectrum of compliance requirements, from new client onboarding to customer management. From a single, centralized hub, Ondato allows you to manage customer data in terms of natural or legal entities.

The solution comes with monitoring and communication tools to help you manage user data and reach out to your clients in case of suspicious activities. Ondato also allows you to keep track of important KPIs and essential metrics, as well as evaluate risk profiles and their developments over time. This helps you stay in the loop of your clients’ backgrounds and activities, enabling you to ensure compliance and the validity of your customers’ financial information.

Furthermore, Ondato provides business intelligence and reporting tools that analyze numerous data points, giving you valuable insights to help you reduce financial crime risks and improve your services. The solution also helps you closely monitor all the developments related to ultimate beneficial owners (UBOs), as well as financial data validity with respect to international and local registries. By keeping track of all the changes within your client database, you can easily pinpoint suspicious activities, file instant reports, and submit them to the required institutions.

Moreover, Ondato allows you to perform data checks across international lists of sanctions, various registers, and other databases to help you get protection against anti-money laundering, fraud, and terrorist financing in cyberspace. From sanctions screening to periodic monitoring, the solution helps you stay compliant according to the legislation and your industry’s standard regulations.

Ondato Free Plan & Pricing Packages

Choosing the right software product for your KYC compliance processes is no easy feat. Aside from the system’s core features and capabilities, you also need to take into account its pricing packages and whether you can find a plan that is well within your budget and at the same time can give you your money’s worth.

Ondato offers cost-effective pricing plans depending on the scale of features and functionalities that you need. Basically, priced plans are divided into three sets of pricing tiers: Know Your Customer, Know Your Business, and Officer Platform.In the following sections, we’ll discuss more details about each pricing plan and highlight some of the key features included in each package.

Know Your Customer Pricing Tiers

In this set of pricing tiers, there are three plans available: Expansion, Growth, and Enterprise. These plans are focused mostly on identity management and client onboarding tools, which enable you to build your own verification processes and automatically check the validity of your clients’ identities and financial records.

Growth Plan for KYC Requirements

Ondato gives you a complete view of your ID verifications.

Ondato’s Growth plan starts at €0.95/verification and is packed with numerous features and capabilities. However, it requires a €259 license fee per month. This plan takes in up to 3 users and is capable of more than 10,000 identity verifications. It also comes with a Sandbox integration, which enables you to test your verification processes before going live.

Additionally, Ondato allows you to perform machine readable zone (MRZ) checks, enabling you to verify that all the data in an ID document matches the information found in its encrypted MRZ area. This helps you verify the legitimacy of identity documents. If the system detects any inconsistency, then the ID will automatically be flagged as being potentially fraudulent.

Biometric Analysis

Ondato utilizes machine learning capabilities in its biometric analysis, allowing you to accurately identify customers through facial recognition. Through this tool, the system conjures a 3D face map of the customer so you can compare it to a user’s document image and see if they match. This identification process can be done in seconds and lets you verify the identity of your clients. In case of a mismatch between the images, the system sends you a warning alert to help you reduce the risk of identity theft.

Expansion Plan for KYC Requirements

Ideal for financial institutions that regularly need to conduct a high volume of identity verifications, Ondato’s Expansion plan starts at €0.85/verification. Like the Growth plan, this pricing package requires a license fee per month, which, in this case, is €569/month. In this plan, up to 5 users will be able to access the Ondato operating system, set up monitoring and verification workflows, and manage customer data.

Inherently, the plan unlocks more advanced features that are not available in the Growth plan, such as professional consultation, KYC application form, omnichannel support, and custom branding and white-labeling. The plan also gives you access to a unified dashboard and audit logs where you can keep track of all the activities related to your KYC and AML processes.

Automated Identity Verification

Ondato is known for its identity document verification tools, which help you find out if IDs are valid and haven’t been in any way altered or stolen. By simply capturing a photo of the ID and uploading it to the system, Ondato automatically cross-references the document against local and international ID registries. This helps you filter out fake and invalid IDs and ensures that your clients are submitting valid documents.

You can select a driver’s license, passport, or any form of acceptable ID to establish your identity.

Enterprise Plan for KYC Requirements

With Ondato’s Enterprise plan, you can have a tailored version of the product that meets the specific demands of your business. This is ideal for businesses that need to conduct a high volume of identity verifications per month. It caters to an unlimited number of users, allowing your entire team to have access to Ondato’s operating systems for client onboarding, user base management, business intelligence, and reporting.

For a tailored plan, you need to contact Ondato’s sales representatives and request a quote from the vendor. With this plan, Ondato’s team of IT and KYC professionals will work with you in creating and customizing a solution that matches the needs of your business. Signing up for Ondato’s Enterprise plan gives you access to the complete feature offerings of the product.

Assisted Identity Verification

As part of its advanced set of identity verification tools, Ondato offers a video-based ID verification feature that lets you capture your customers’ biometric and document data in real-time. Through video calls, you can connect with your users directly and perform a hassle-free ID verification where all your clients have to do is show their documents to the camera. Video calls with Ondato are equipped with built-in spoofing checks to help you ensure that the documents are not altered or stolen.

Know Your Business Pricing Tiers

Ondato allows you to perform ID verifications in real-time through video calls.

Ondato offers another set of pricing packages dedicated to meet KYB compliance processes. There are only two plans available in this pricing tier: Standard and Enterprise. In these plans, you’ll find a wide array of features that allow you to perform stringent checks to verify business attributes, ownerships, and other important data to prevent your organization from falling victim to financial fraud and other cybercrime trends.

Standard Plan for KYB Requirements

The Standard plan in the Know Your Business pricing tiers costs €569/month for 3 users and includes access to additional modules, such as business reports screening, sanctions, PEP checks, and adverse media screening. These tools allow you to check if your clients are on any list of sanctions or politically exposed persons. Another way Ondato helps you to verify the legitimacy of business profiles is by providing you with adverse media information about them.

Continuous Background Screening

To make sure that your customer data is always up-to-date, Ondato allows you to perform repeated checks of sanctions, address, people registry, stolen/lost ID status, and other customer data changes. The system utilizes state-of-the-art AI tools to help you monitor your clients’ activities and send you automated reminders when it’s time to conduct screenings and update your database.

Enterprise Plan for KYB Requirements

This is a custom-made plan that allows you to tailor the solution according to the unique requirements of your business. In choosing this plan, you have to consider the features and functionalities that can help you streamline your KYB processes and meet the needs of your business. To avail of this pricing package, you have to contact Ondato’s sales representative and request a quote.

Like in the Standard plan, some modules require additional charges. However, the identity verification module is available at a custom price depending on the volume of verifications that you expect to perform every month. Also, unlike in the Standard plan, this pricing package lets you take in an unlimited number of users and provides you with your own data source. In this way, you can use your own database or integrate a third-party data source to perform identity checks and verifications.

Automated Business Onboarding

One of Ondato’s main strengths lies in its automated business onboarding tool, which enables financial institutions to fully automate document verification processes for business representatives. The system allows you to check for the legitimacy of business profiles by confirming their identities and business codes from various registries and other sources. With this tool, you can quickly retrieve a company’s financial information, registry statements, ultimate beneficiary owner, and other relevant data.

Officer Platform Pricing Tiers

In this set of pricing tiers, there are three packages available: Start, Growth, and Enterprise. Pricing depends on the number of specific tools you require, as well as the number of verifications you need and other elements.

Start Plan for Officer Platform

The Start plan under Officer Platform starts at €59/user/month, plus, additional charges for the data fee. Sanctions, PEP checks, and adverse media screening require an additional charge of €15/verification.

UBO Discovery

With Ondato, you can automate the entire UBO discovery process, making it easier for you to uncover a company’s whole structure and organize its complete information in a unified and centralized business database. The system’s UBO discovery tool helps you acquire a firm’s credentials, research its ownership chain, and single out the ultimate beneficiary owner. This allows you to get to know the individuals you are doing business with and gives you better visibility over the profiles of your business clients and partners.

Growth Plan for Officer Platform

Signing up for a Growth plan in Ondato’s Officer Platform packages will cost you €149/month, plus, data fee for sanctions, adverse media screening, PEP checks, and business information monitoring. The difference between the Start plan and the Growth plan is that the latter is already inclusive of business reports screening. This allows you to capture and verify information about your business customers, from their general data to their shareholders, number of employees, directorship, and calculated and official beneficiaries.

Authentication

The platform comes with a number of authentication tools, enabling you to streamline a returning user’s access to the system without having to compromise the safety of your database. Ondato allows you to double-check and verify user identity using biometric authentication, e-signature, SMS signature, or encrypted video meetings. To ensure the resistance of your user bases to any type of hacking attempt, the system lets you add two-factor authentication checks with biometrics and other security measures that are much harder to crack.

Ondato features an automated voice-assistant to help users complete their registrations quickly.

Enterprise Plan

The Enterprise plan will cost you up to €249/user/month, plus, access to more modules that are subject to additional charges. Like in the other pricing packages, all sanctions, PEP checks, and adverse media screening charge users €0.15/verification. What sets this plan apart from other pricing packages is that it offers access to Ondato’s identity verification module and video call software.

Customer Data Platform

With Ondato’s customer data platform, you can orchestrate your entire client database, monitor registry changes, and assess risk profiles, all from a single dashboard. The solution also offers data-driven analytics that gives you valuable insights. This enables you to make informed business decisions and stay one step ahead of suspicious behaviors that pose threats to the financial security of your business.

Which Ondato plan is best for you?

In the digital age, financial institutions are more exposed to different types of cyber terrorism and financial crimes. As companies become more prone to attack from forgers, business owners are now under pressure to identify, analyze, and verify their clients’ identities, ensuring that they are legitimate and clear from any money laundering and other financial-related crimes.

Each of Ondato pricing plans is designed to address the KYC and AML-related needs of businesses and financial institutions. The startup plans of Ondato, whether in the Know Your Customer, Know Your Business, or Officer Platform, are the most cost-effective plans and work best for small organizations that only need to process around 100 verifications per month. With each startup or standard pricing package, Ondato offers a reasonable set of KYC tools that can help you kickstart your compliance and identity management processes.

Meanwhile, medium-sized organizations are better off with Expansion and Growth plans. These plans are inclusive of advanced features and functionalities to help you ensure the legitimacy of your customers’ profiles and where their funds are coming from. This helps you prevent the risk of falling for scams and fraudulent behaviors in the long run.

Larger enterprises, however, are more likely to benefit from Enterprise plans that are custom-made and tailored depending on specific business requirements. In these plans, you can mix and match Ondato’s modules and build a solution that easily adapts to your unique business needs.

For product comparisons, you may also want to check out our list of compliance management solutions that are available in the marketplace.

By Nestor Gilbert

Nestor Gilbert is a senior B2B and SaaS analyst and a core contributor at FinancesOnline for over 5 years. With his experience in software development and extensive knowledge of SaaS management, he writes mostly about emerging B2B technologies and their impact on the current business landscape. However, he also provides in-depth reviews on a wide range of software solutions to help businesses find suitable options for them. Through his work, he aims to help companies develop a more tech-forward approach to their operations and overcome their SaaS-related challenges.