Parcha is an AI-driven compliance platform designed to streamline and accelerate the customer onboarding process for financial institutions and fintech companies. By automating Know Your Business (KYB) and Know Your Customer (KYC) procedures, Parcha enables organizations to approve more customers swiftly while maintaining robust compliance standards. Its suite of tools leverages advanced artificial intelligence to reduce manual workflows, minimize false positives, and enhance operational efficiency, allowing businesses to scale confidently without compromising on risk management.
Key Features and Functionality:
- AI-Accelerated Document Verification: Parcha verifies incorporation documents, ownership details, and addresses in over 60 languages with high accuracy, ensuring the authenticity of business entities.
- Global Compliance Screening: The platform automatically screens businesses against sanctions lists, adverse media, and high-risk countries, ensuring adherence to international regulations.
- In-Depth Business Due Diligence: Parcha conducts comprehensive online research to uncover a business’s customers, industry, and operational countries, facilitating thorough due diligence.
- Configurable Compliance Workflows: Users can customize compliance checks and workflows to align with specific risk policies and thresholds without the need for coding.
- Real-Time Analytics & Reporting: The platform provides real-time analytics to monitor compliance outcomes across the portfolio, enabling informed decision-making and operational efficiency.
Primary Value and Problem Solved:
Parcha addresses the challenges of time-consuming and labor-intensive compliance processes that can hinder customer onboarding and business growth. By automating these processes with AI, Parcha significantly reduces review times—by up to 90%—and minimizes false positives, allowing compliance teams to focus on genuine risks. This acceleration not only enhances operational efficiency but also improves the customer experience by reducing onboarding delays. Furthermore, Parcha's customizable workflows and real-time analytics empower organizations to maintain compliance with evolving regulations, ensuring a scalable and adaptable compliance framework.
