Parallel Markets provides an identity verification and accreditation platform that streamlines investor onboarding for financial institutions through integrated Know Your Business (KYB) and customer due diligence (CDD) solutions. The platform addresses compliance challenges by automating the verification of high-value clients, reducing the time and effort required for regulatory reporting and account opening.
Funding
$22.1M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Financial institutions face increasing complexity and costs associated with verifying investor identity and ensuring compliance with Know Your Business (KYB), Anti-Money Laundering (AML), and Customer Due Diligence (CDD) regulations. Traditional manual processes for investor onboarding are time-consuming, error-prone, and struggle to scale with growing business needs, leading to delays in account opening and increased operational overhead.
Solution
Parallel Markets offers a customer data management platform designed to streamline investor onboarding and ensure continuous compliance for financial institutions. The platform automates the collection, verification, and refreshing of business and individual investor data, integrating KYB, AML monitoring, and CDD processes into a unified workflow. By connecting to numerous data sources, the system facilitates efficient business verification, ultimate beneficial ownership (UBO) mapping, and risk monitoring. This enables firms to accelerate account opening, simplify regulatory reporting, and maintain high standards of client service while reducing operational costs and minimizing compliance risks.
Target Audience
The primary target audience includes banks, investment funds, and other financial institutions with compliance obligations and high-value clients, as well as enterprises seeking to streamline entity data management.
Features
- Integrated KYB, AML, and CDD solutions for comprehensive compliance.
- Automated business verification and UBO mapping to accelerate onboarding.
- Real-time monitoring against hundreds of thousands of data sources for continuous risk assessment.
- Streamlined investor onboarding for both individuals and institutions, including accredited investor verification for 506(c) offerings.
- Entity Data Manager to easily collect, verify, and refresh verified business information.
- Case management tools to research and resolve risk matches efficiently.
- Programmable onboarding workflows to adapt to specific business requirements.