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Luminor Bank Partners Ondato for Remote Opening of Business Accounts in Latvia

by Fintechnews Baltic October 21, 2021

Luminor Bank has partnered with Ondato, a Lithuanian provider of compliance-as-a-service, to allow companies to remotely open business accounts at the bank in Latvia.

Ondato’s identification platforms will enable Luminor’s business customers to open a new account from anywhere in the world.

The new solution enables remote customer identification through several levels of checks, including automated verification of customer data and documents in databases and registers.

Customer biometric data is also processed as required by the laws and regulations.

Remote account opening with Luminor will be available for companies registered in Latvia, the signatories of which have access to authentication with a Smart-ID Qualified or eID electronic signature.

If the signatory is not yet a customer of Luminor, additional remote identification is carried out via a video call.

Upon receipt of an application, a representative from the company will be contacted by the bank’s staff to customise a range of services to suit the needs of each customer.

Also, if the business grows and additional products are needed, the customer will be able to request the services they need remotely and will no longer need to visit a branch in person.

In May 2020 Luminor Bank, together with Ondato, introduced a similar solution for individuals, offering the possibility to become a customer of the bank by performing identification procedures and all necessary activities completely remotely.

Jekaterina Ziniča

“Small and medium-sized enterprises are the most frequent openers of new accounts, accounting for almost 85% of all Luminor current accounts opened for legal entities.

 

Switching to remote account opening is an obvious modern digital solution that will create additional convenience and save time for our clients, as all necessary actions can be performed completely remotely from anywhere in the world,”

said Jekaterina Ziniča, Business Development Manager for the Baltics at Luminor.

Liudas Kanapienis

“While Know Your Business (KYB) procedures are often regarded as something forced on businesses due to regulations, this can also be an opportunity to make your day-to-day processes more effective.

 

We’re happy to provide Luminor with modern tools that will increase the safety and quality of their remote procedures,”

said Liudas Kanapienis, CEO and Co-founder of Ondato.

Featured image: Edited from Unsplash