iCapital Focuses on KYC, AML with Acquisition of Parallel Markets
iCapital, a global fintech platform for alternative investments, has acquired Parallel Markets, an identity verification software company, aimed at enhancing investor onboarding, compliance verification processes and monitoring.
Parallel Markets’ Parallel Passport technology offers a seamless solution for complying with know your customer (KYC), anti-money laundering (AML), customer due diligence (CDD) rules, and investor accreditation requirements.
By creating a portable digital identity, it eliminates the redundancy of managing multiple investor profiles and streamlines regulatory compliance for investment platforms. As part of its acquisition, iCapital plans to roll out the iCapital Investor Passport leveraging this technology.
The iCapital Investor Passport is designed to streamline and enhance the investor experience within the iCapital Marketplace by creating a universal, reusable investor identity. It introduces a data locker feature, enabling investors to securely store, manage, and share personal information during fund subscription and compliance verification processes.
“Onboarding and verifying digital investor identity and compliance is a major friction point in private markets investing,” said Lawrence Calcano, chairman and CEO of iCapital. “Parallel Markets has pioneered software that supports a reusable investor passport, streamlining these duplicative processes for advisors, investors, and fund managers.”