Our vision for the future of business identity
We started Ondorse because we saw how regulated entities were struggling with business identity, making it very hard for them to build trustful relationships.
Onboarding a new business customer, a new partner, or a new supplier, takes too long.
It is a complex process, with many repetitive tasks. Analysts have to manually aggregate information in poorly designed tools. It doesn’t scale. It is too expensive. It causes terrible delays but most importantly, it exposes the regulated entity to regulatory fines.
At Ondorse, we vouch for compliance officers, ops, and CSM teams. They are the unsung heroes of the financial services revolution. Their work is essential, yet they deal with these complex decision processes all day long.
Our goal is to help these people decide whether or not to trust any business in the world with one click.
To do so, we are building an orchestration platform combining data, fraud, and compliance services.
I am proud of how far we’ve come on this journey. Since our launch in May 2022, we have verified more than 10,000 businesses. To do so, we laid the foundations of our platform and I am extremely optimistic for what is yet to come.
Why Ondorse is in a unique position to revolutionize business identity
We have 2 pillars.
We have built a robust workflow logic inside Ondorse so that our clients can orchestrate all the bricks of their risk and compliance stack in Ondorse. They can easily add and remove tasks (units of a workflow), even after they start onboarding customers. That is how our client can keep up with new regulations without developing new technical integrations between their systems and Ondorse. Regulated entities will need to connect to multiple fraud, data, and compliance services in a flexible and modular way. We have a solution ready for this.
A unique aspect of building software for onboarding, risk, and compliance is the level of flexibility required in managing actions within and outside the Ondorse platform. Beyond the workflows, lots of decisions and actions need to happen for a customer to be onboarded and evaluated. To facilitate these actions and make it very easy to iterate, adapt, and expand the Ondorse platform, we have built a powerful rules engine.
The Ondorse rules engine started as an internal development tool and is now used across multiple features of the Ondorse platform. We are starting to expose the rule engine to allow our clients to automate a set of actions unique to their use case. I believe this will become a trend as proper business identity will require more activities and more work.
What does the future of business identity look like?
Governments and public institutions across the world are actively fighting money laundering. There is currently a broad call for more transparency and security. This translates into more open-source data, more public data being shared with regulated institutions and public institutions reinforcing security around their data. There are also continued efforts by regulated institutions and private companies exposed to fraud to share data among them.
This means there will be more and more data available and the future of business identity lies in collecting that data and making sense of it transparently and effectively.
Collaborative, with a new companion
Business identity will be more collaborative. We talk to a lot of companies and an increasing number of them are taking steps to break silos amongst their teams. Across many industries, CSM teams, ops, compliance teams, fraud, and legal teams are encouraged to work together.
A new team member is getting involved: AI. It will upend business identity as we know it today. But we don’t see a future where all our decisions are being made by AI-powered robots. Instead, we envision a world where AI sits alongside humans as a trusted co-pilot, elevating our decision-making and productivity to new heights.
A world where you’ll be able to effortlessly interact with data and information and where you’ll be able to focus on high-impact, strategic actions that make a real difference to the business.
So, how will Ondorse help us get there?
- Your Ondorse workflow as a productive and secure way to use AI AI use cases, dedicated apps, and services will keep popping up and the identity industry will have to keep up with these. But AI must be used with great care and scrutiny. As a compliance officer, it is of utmost importance to keep control over the decision-making process. With our workflow architecture, it will be possible to integrate AI in a very modular way. Multiple tasks inside the verification process will leverage AI services to help form the most precise identity picture. Meanwhile Ondorse workflow logic will ensure the decision-making process stays transparent, humanly understandable, and compliant.
- App Store So far, we have added about a dozen of data, fraud, and compliance services to Ondorse. To reach our goal of being able to trust or not any business in the world in one click, we estimate we will have to build around 300 integrations. These integrations will be made available through a store, similar to the App store. Adding one of them to the verification workflow will be one click. We will keep on developing these integrations ourselves but we will also open our architecture so that data, fraud, and verification services can list themselves on our store.
- Automate more We built our rules engine so that we could easily build the automations our clients were asking for. Our clients ask for more and we will keep investing in the rules engine so that more and more actions, inside and outside Ondorse, can be automated. Ondorse will also be able to suggest rules and automation based on observed past behavior of users on the platform. Ondorse users will be freed from repetitive tasks and free to focus on things that need a human touch.
- Collaborate seamlessly We are adding more collaborative features to our platform. Our goal is to be at par with pieces of software that have revolutionized industries by taking specialized tools to the browser. We get inspiration from the likes of Figma and Replit. Edit together in real-time, observation mode, version history … We will put everyone in the company on the same page (literally).
Aymeric and I have always prioritized creating a user-centric platform. We think customer-first. Our value is delivered through the product and it is all about solving real customer needs. We want to give our clients a delightful product experience.
It is not just about compliance and risk. It is about making our users happy to work on their platform. We believe that when compliance teams, ops, and CSM teams are truly engaged, they bring tremendous value to the business.
I am excited to build Ondorse. We are just getting started.