Parallel’s pricing approach uses tiers based on the number of individuals and businesses (including trusts, corporations and other businesses entities) that have shared information with you. Each individual or business is represented by a record in your client database. You can see the tiers and options available at each level on our pricing page at parallelmarkets.com/pricing.
Here is a list of the common questions we get around our billing process.
What is a record?
Each individual or business you have access to is represented by a record in your client database. Businesses and individuals are added to your database when they consent to share their information with you. Your database includes records for control persons and beneficial owners for businesses that have shared their data.
If an individual or business has consented to share identity (KYC/AML) data with you and has ever provided information necessary for the KYC/AML process, we consider that a record with identity data (an "Identity Record").
If an individual or business has consented to share their accreditation status with you and has ever provided information necessary for an accreditation application, we consider that a record with accreditation data (an "Accreditation Record").
It's possible that an individual or business may only share their basic profile information with you (their name and email address), in which case the record would not count toward any billable totals.
How am I billed for records?
For Identity Records, you are billed based on an annual tier set by your expected Identity Record count. For instance, if you have paid for the 1,000 Identity Record tier, your database can have up to 1,000 Identity Records without incurring overage fees.
Accreditation Records are handled slightly differently in that you are billed on a per-record basis. Also, after paying for an Accreditation Record, you will have a full year of accreditation letters / updates for that record without any additional charge.
There is no fee for records that only contain basic profile information.
What happens if I go over my Identity Record tier?
There is an overage fee assessed at the end of each month for any records that are beyond the tier max. Once you have paid an overage fee for a particular record you will not be charged again for that record for the rest of your current term.
What happens if an investor consents to share but doesn’t provide data?
It is possible that an individual or business consents to share accreditation or identity information but then never actually submits information. In this case, we consider this a record with only profile level details and you will not be charged for the record.
Can we be billed monthly instead of annually?
Yes, all plans come with an option to be billed monthly with an additional 20% surcharge.
Can I control which records are added to my database?
Can I delete records from my database?
Yes, you you can remove any record at any time. Note that removal of a record does not affect your Identity Record total (calculated against your tier max) nor does it reduce your per-Accreditation Record charges, but it will reduce your database size for a smaller tier in the following renewal term.
Could I be double-charged for the same record?
No. Records will count at most once toward your tier total within any contract term, even if you delete a record and then the user subsequently re-connects that same individual / business.
Additionally, since Accreditation Records last for a full year, it's possible that an individual or business may provide an Accreditation Record that lasts into a new term. For instance, if your contract runs from Jan 1 - Dec 31 and an Accreditation Record is added on May 3 in your first contract year, you will have access from May 3 until Dec 31 in the first contract year, and then upon renewal from Jan 1 until May 2 at no extra charge. If you have not removed the record by May 3, then a new annual charge will occur and you'll get another year of accreditation data access and updates for that record.