Parallel offers a convenient way to enhance your client profiles with data from external sources, allowing you to simplify verification processes for KYC and AML procedures, and speeding up client onboarding by prefilling your clients' information in the KYC forms.
This feature will help you to:
Reduce errors by pulling data directly from authoritative sources.
Quickly update and verify client information without manual research.
Ensure up-to-date information, leveraging reliable external data sources to verify key information.
Data sources available
The availability of external data sources may vary. The following data sources are provided as an option to enriching profiles:
eInforma (Spain - Commercial Register)
1. Accessing the feature
From a profile page, look for the "Check external data sources" button near the top of the screen. Click this to begin the enrichment process.
2. Selecting a data source
You'll be presented with a dropdown menu to choose an external data source.
3. Searching for the entity
After selecting the data source, enter the search criteria.
Enter the known information and click "Next" to proceed with the search.
4. Reviewing search results
The next step depends on your search method and the data source. Here's a typical scenario.
a) If you searched using a tax ID:
The system will typically find a single match and proceed directly to the data comparison step.
b) If you searched using a company name:
You may see a list of potential matches. In this case:
Review the list of companies, which includes the company name and province.
Select the correct entity by clicking on it.
Click "Next" to proceed to the data comparison step.
5. Reviewing and updating data
Once you've selected the correct entity, you'll see a comparison between your current profile data and the information from the external source.
You can select which values you want to keep or update. Green checkmarks indicate where the information matches between your profile and the external source.
Once reviewed, click on the "Update profile" to apply the selected changes to your profile.
Tips:
When possible, use the tax ID for more precise searches.
If searching by name, be prepared to select the correct entity from a list of potential matches.
Always review the data carefully before updating your profile to ensure accuracy.