AI-focused tech startup Parcha has launched its first innovative AI solution suite for automating manual compliance review in customer onboarding starting with KYB and KYC.
San Fransisco-based AI startup Parcha has unveiled the results of its six-month work – an AI KYB and KYC solution for global banks and fintechs.
The solution fully automates the onboarding process, reportedly providing the compliance check in under three minutes. During this short time, Parcha is supposed to carry out over a dozen compliance checks and automatically determine whether to approve or deny a business. The AI solution also provides a detailed audit log of the reasoning behind its decision.
Besides the greater speed of automated compliance verification compared to manual processes, Parcha offers the benefit of multi-language support. The tool can verify, translate and validate documents in 60+ languages, which is important for international businesses that deal with business registrations, articles of incorporation, and proofs of address in different formats and languages.
In addition, the new AI-powered solution facilitates remediating cases that require further information. It is one of the main pain points in the compliance and operations process. Customers often do not provide accurate information or enough documentation to complete the onboarding process. Parcha automates this task with follow-up messages sent when a review requires additional information.
While performing online due diligence on a business, AI technology enables the company to quickly details about its operations, products or services, and target markets. The solution carries out sanctions, watchlist and adverse media screening so that the risk assessment of the business is complete. The factors that need to be taken into consideration can be customized to meet a firm’s specific risk framework.
Parcha is an AI-powered enterprise software company that enables businesses to automate their scale compliance and operations. The startup was founded about a year ago and raised $5 million in a seed round last August. Before founding Parcha, its team had extensive experience at Brex, Coinbase, Google and other tech companies.
Parcha’s AI solutions under development such as enterprise-grade AI Agents will initially focus on the fintech and banking segment. Its early customers operate in the payments, lending, banking, and crypto sectors. For example, Bridge.xyz, which offers stablecoin orchestration and issuance of APIs, is one of Parcha’s clients.
