The integration aims to transform investor onboarding and compliance processes in alternative investments using advanced technology.
The iCapital Investor Passport will allow investors to create a universal, reusable digital identity for onboarding and compliance verification. The onboarding and KYC/AML Passport solution is designed for financial institutions who are looking to streamline and scale their business by eliminating redundant processes.
The companies are focused on fund managers and the broader private wealth channel which is an increasingly important focus for leading financial institutions. iCapital, together with Parallel Markets, provides a tech-enabled identity management service that powers further integration between asset and wealth managers in a simple experience.
Acting as a data locker, it will simplify the process of managing and sharing sensitive KYC and AML information, reducing duplicative submissions, and improving efficiency across iCapital's platform.
With universal passport identity technology, fund managers have the potential to make significant reductions in onboarding time and overhead costs. Investors typically upload sensitive information repeatedly for different opportunities, and iCapital, fund managers, and issuers bear the burden of reviewing and verifying this information.
As the financial industry spends an estimated USD 2.5 billion annually on identity verification services and onboarding, iCapital's integration of Parallel Markets' technology is expected to lower onboarding time and costs for fund managers while ensuring compliance. Parallel Markets’ software supports a reusable investor passport that simplifies duplicative processes for advisers, investors, and fund managers.
iCapital aims to enhance automated entry for alternative investing and leverage AI and machine learning to offer a complete end-to-end solution as it continues to evolve its tech stack.
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