Parcha: Approve More Customers Faster, with Stronger Compliance

Parcha is an AI-powered compliance platform designed to streamline business due diligence. It leverages cutting-edge AI to automate the verification of business and individual information, significantly reducing the time and cost associated with compliance reviews. Instead of hours, Parcha completes these reviews in minutes, allowing businesses to onboard customers faster and more efficiently.

Key Features

• AI-Accelerated Compliance Reviews: Parcha's AI engine accelerates document verification, due diligence, and AML screening, improving operational efficiency and unlocking growth without compromising risk.
• Automated Case Management: The platform automates the manual review process, moving decisions from days to minutes. Detailed audit logs provide complete transparency.
• Customizable Compliance Checks: Easily configure compliance checks to align with your specific risk policies and thresholds. Over 15 out-of-the-box KYB & KYC checks are available.
• Real-time Analytics: Gain real-time insights into compliance outcomes across your portfolio to make better business decisions and optimize your KYB operations.
• Automated Remediation: Parcha automates the remediation process, resolving cases faster and minimizing risk. Personalized messages can be sent to customers requesting additional information.
• APIs & Integrations: Seamlessly integrate Parcha with your existing systems using APIs and integrations. Get up and running quickly and leverage your current data collection tools.

Business Checks

Parcha offers a comprehensive suite of business checks, including:

• Incorporation Document Verification: Verify incorporation documents in over 60 languages, extracting key information like business name, incorporation date, and address.
• Business Ownership Verification: Determine the individuals or entities with ownership in the business, along with their percentage of ownership and number of shares.
• Address Verification: Authenticate business and individual addresses, verifying they are physical addresses and not P.O. boxes.
• Government ID Verification: Analyze various forms of identification (driver's licenses, passports) to verify information and match it against business ownership data.
• Online Due Diligence: Research a business's online presence to determine its activities, customers, industry, and operating countries.
• Global Tax ID Validation: Validate the format of Tax Identification Numbers in over 60 countries and verify against government databases (US-only).
• Merchant Category Code (MCC) Selection: Classify the MCC of a business based on its activities, products, and services.
• Adverse Media Analysis: Intelligently identify and analyze adverse media articles about a business and its owners from multiple global sources.
• High-Risk Country/Industry Assessment: Assess whether a business operates in high-risk countries or industries.
• Sanctions & Watchlist Screening: Eliminate false positives from sanctions and watchlist hits.
• Politically Exposed Persons (PEP) Screening: Check individuals against global PEP lists with intelligent matching and false-positive filtering.

Individual Checks

Parcha also provides individual checks, mirroring many of the features available for business checks, ensuring a holistic compliance approach.

Benefits

• Faster Onboarding: Reduce onboarding time significantly.
• Increased Efficiency: Improve operational efficiency and reduce costs.
• Reduced Risk: Mitigate compliance risks and strengthen security.
• Better Decision-Making: Make data-driven decisions with real-time analytics.
• Scalability: Scale your compliance operations easily.

Comparisons

Parcha distinguishes itself from competitors by offering a more comprehensive and AI-driven approach to compliance reviews. Its automated workflows, customizable checks, and real-time analytics provide a superior user experience and more efficient compliance management compared to traditional manual processes or less sophisticated AI solutions.

Conclusion

Parcha is a powerful tool for businesses seeking to enhance their compliance processes. Its AI-powered features, comprehensive checks, and user-friendly interface make it an ideal solution for organizations of all sizes. By automating time-consuming tasks and providing valuable insights, Parcha empowers businesses to approve more customers faster, while maintaining the highest standards of compliance.