Parcha provides AI-powered compliance automation that enables businesses to conduct due diligence and verify ownership documentation in over 60 languages within minutes. This technology significantly reduces onboarding time and operational costs while enhancing risk management in compliance processes.
Funding
$3.3M 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.
ICFounders
Product
Problem
Businesses face challenges in efficiently conducting due diligence and verifying ownership documentation, especially when dealing with international entities and multilingual documents. Manual compliance processes are time-consuming, costly, and prone to errors, hindering onboarding speed and increasing operational overhead.
Solution
Parcha offers an AI-powered compliance automation platform that streamlines business verification and due diligence. The platform automates the extraction and validation of information from incorporation documents, ownership records, and other relevant sources in over 60 languages. By leveraging AI, Parcha significantly reduces the time and cost associated with manual compliance reviews, enabling businesses to onboard customers faster while maintaining robust risk management. The platform provides comprehensive audit trails and real-time analytics, empowering businesses to make informed decisions and optimize their Know Your Business (KYB) operations.
Target Audience
Parcha primarily serves businesses in Banking as a Service, lending, crypto, and digital banking, as well as other regulated industries that require efficient and accurate KYB and Know Your Customer (KYC) processes.
Features
- AI-powered document analysis for automated data extraction and validation
- Support for over 60 languages in document processing
- Business checks: validation of incorporation documents, ownership verification, proof of address, tax identification number validation, merchant category code automation, adverse media screening, high-risk country and industry detection, and sanctions & watchlist screening
- Individual checks: sanctions & watchlist screening, adverse media screening, proof of address, government identification verification, and politically exposed persons (PEP) screening
- Real-time analytics on compliance outcomes for data-driven decision-making
- Customizable compliance checks to align with specific risk policies and thresholds
- API and webhook integrations for seamless integration with existing systems
- SOC 2 Type 2 compliance with enterprise-grade security, privacy, and control