What's New in Parallel (Q1 2024)

The first quarter of 2024 has wrapped up, and as usual, we're going to review the top 5 highlights from the Parallel platform.

1. Meet Mike, the AI designed to mitigate any potential risk

  • Automatically get reports with the most relevant data.
  • Receive expert and risk-based recommendations.
  • Customize Mike's settings to align with your specific risk management guidelines.

2. Protect your business against sanctioned individuals, PEPs, and suspect lists

Automatically check international lists of PEPs, suspects, and individuals and entities sanctioned for money laundering, etc.

  • Monitor over 100 listings before and during your business relationships.
  • Some of these listings include: OFAC, UN, HMT, EU, DFAT, FATF, BIS, SECO.
  • Get notified instantly when matches are detected in the checks.

3. Verify Identity Documents in seconds

Simplify your onboarding processes by quickly scanning identification documents (ID cards / residence permits / passports) of your clients and suppliers.

Point your mobile camera at the identification document to verify identity in seconds.

4. Customize the workflow of your processes

Whether you're dealing with onboarding processes, contracts, KYC, etc., you can now customize your workflow to have only those options you need for your processes.

You now have three new settings in your templates: "Review Flow", "Interaction with Recipients", and "Document Generation", which you can activate as needed according to your process requirements.

  • Example 1: If you don't interact with recipients, the send button will be hidden to avoid confusion.
  • Example 2: If you don't review answers, you won't have to go through the review flow to close your processes.

5. Take advantage of standard country listings

Within the "select" field, we've added country listings that Parallel will update periodically, in case a country no longer exists, joins the European Union, etc.

You no longer need to search for these countries and copy-paste them into your templates.

The listings available in this field right now are:

  • List of countries
  • List of EU countries
  • List of non-EU countries