Banking infrastructure provider Nexpay partners with compliance SaaS Ondato

Nexpay, the banking infrastructure provider for the digital assets industry, has partnered with Ondato, running all KYC, AML, and e-signature processes through Ondato’s compliance management platforms. Nexpay will gain an increase in security and usability for its customers while Ondato continues to show that its compliance platforms are suitable to the most demanding use cases, such as the quickly developing and fraud-prone world of digital assets.

The birth of Bitcoin marked the beginning of an era for digital assets, and with this milestone now only twelve years in the past, the industry remains one of volatile change. However, the heady days of completely unregulated crypto are rapidly coming to an end; the increasing legitimacy of digital currencies and digital assets paves the way for a number of companies to provide services in banking infrastructure, regulation, exchange, storage, and creation of this new form of value. At the same time, the pandemic-induced increase in online living has put added pressure on the ability of any business to conduct transactions online.

Ondato provides Know Your Customer (KYC) and Anti-Money Laundering (AML) software as well as e-signature services for a wide range of industries, including insurance, banking, e-commerce, and any other company that requires robust authentication protocols. Nexpay is a startup providing banking infrastructure such as accounts and payments to a wide variety of businesses working in the digital assets industry.

“I wouldn’t say we’d be dead without Ondato, but basically we’d be dead,” said Nexpay CEO Uldis Teraudkalns. “The combination of robust security and white-label readiness that Ondato provides, as well as the fantastic customer service and ease of use of the platform, all stand out to us as industry-leading. Ondato gives me peace of mind, which allows me to focus on making Nexpay better at what it does best: helping build the next generation of financial technology businesses in the digital assets industry.”

“Ondato’s principal mission is to create value by turning compliance into a business benefit, providing a service that passes the highest safety requirements,” said Ondato’s CEO and co-founder Liudas Kanapienis. “Our KYC compliance suite can dramatically cut down on any instances of fraud within Nexpay’s customer platforms. We’re happy to bring another fintech industry member on board. This reassures Ondato’s status as a trustworthy ally for future-focused industry members who want to organize their processes using modern and safe methods.”

Nexpay’s customized compliance services will include an automated ID verification system and an SMS signature. These will require a valid ID document, a selfie, and a phone number, creating a comprehensive solution that is simple enough for users but complex enough to be safe against fraud attempts.