In our conversations with dozens of fintechs and banks, one challenge consistently arises: the lengthy and complex due diligence review required as part of their Know Your Customer (KYC) process is exhaustingly manual especially when onboarding businesses. The constant back-and-forth with business customers to validate their details via online research, the internal coordination nightmares, and the alarming drop-off rates of these reviews aren't just inconvenient—they are a roadblock to growth.

Partnering with fast-growing fintechs like Flutterwave, we’ve built AI-powered Compliance Reports to centralize, and intelligently automate the entire due diligence process in minutes not days.

Anyone can run a comprehensive Compliance Report on a business for free.

The Problem

A Compliance Conundrum

In the first quarter of 2024 alone, over 35% of enforcement actions from US regulators were sent to fintech partner banks. That’s three times more than the previous year. Increased regulatory scrutiny on partner banks has trickled down to the fintechs they work with. The bar for fintechs to carry out proper due diligence on their customers during onboarding and on an ongoing basis has risen. Fintechs are now scrambling to improve their compliance procedures and, in some cases, even off-boarding high-risk customers.

The due diligence process for business customers is still excruciatingly manual and slow. Until now, technology just wasn’t good enough to mimic the entirety of a human workflow and exercise the judgment of a trained analyst to carry out this due diligence process.

The most time-consuming parts of a due diligence process include verifying a business’s website and online presence to make sure it’s consistent with the information they provided during onboarding, identifying if the business is in a high-risk industry, and checking if a business or its operating countries are not sanctioned. Parcha’s customers, which include some of the most forward-thinking companies in the payments and banking industries, were dedicating as much as 24 hours to carry out due diligence on customers they onboard.

The Solution

Comprehensive business due diligence in minutes

Today, Parcha’s Compliance Reports integrates all the steps of conducting business due diligence into a single workflow, bringing the latest AI models, open-source intelligence, and proprietary datasets into an intuitive product experience.

See it in action

Parcha synthesizes open-source intelligence and proprietary data to build a comprehensive risk profile of any business in minutes, not hours or days.

Key benefits:

• Comprehensive business due diligence: Parcha scans the entirety of a business’ online presence in minutes, 10X faster than a human does.
• 360 degree risk assessment: Exhaustive due diligence from multiple data sources to determine risk factors such as industry categorization, associated countries and identified business owners.
• Broad global coverage Compliance reporting references 90+ global watchlists, 145 business jurisdictions and translation in 200+ languages.
• Transparency and explainability: Every insight is backed up with the most relevant, authoritative information source so you can make informed compliance decisions with confidence.

Too good to be true?

Generate a free compliance report today.

We know there’s a lot of hype around enterprise AI tools without many hands-on examples. That’s why we’ve made our AI-powered Compliance Reports free to try. Just enter a business's official website, grab a coffee, and we’ll take care of the rest.