Parallel’s pricing approach is based on the number of individuals and businesses (including trusts, corporations and other businesses entities) that are listed in your client database. We refer to each individual or business in your database as a platform record.
Here is a list of the common questions we get around our billing process.
What is a record?
Each individual or business listed in your client database is represented by a platform record. Businesses and individuals are added to your database either: (1) when the business or individual affirmatively consents to share their information with you or (2) when you directly add an individual or business to your database. This may also include records for control persons and beneficial owners for businesses that have shared their data.
What fees are associated with records?
Your access to the Parallel Markets platform is governed by a platform fee. With the platform fee, you have the ability to: (1) keep a certain number of platform records in your database; (2) perpetually monitor sanctions, politically exposed person, adverse media and other screenings for each platform record in your databse; and (3) utilize Parallel's case management tools to coordinate your onboarding process, clear potential hits and approve or deny the underlying individuals or businesses. For each platform record in your client database, you can also store certain types of KYC/AML information (for example, driver's licenses, articles of incorporation and the like) without incurring any additional charge.
In addition to the platform fee, Parallel charges identity fees 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. Identity fees are only charged when an individual or business completes Parallel's KYC/AML flow in a current contract term. Parallel charges separately for business entity identity fees and natural person identity fees on a per record basis as detailed in your contract, subject to annual minimums and overages.
Finally, Parallel charges accreditation fees if an individual or business has consented to share their accreditation status with you and has ever provided information necessary for an accreditation application in the current contract term. Similar to identity fees, accreditation fees are listed at a price per record, subject to annual minimums and overages.
What happens if I go over any of my record tiers?
There is an overage fee assessed at the end of each month for any records that are beyond the relevant 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, the individual or business does get added to your database and counts as a platform record (so you can run screenings and utilize Parallel's case management tools to clear any hits), but they do not count towards your identity record or accreditation record tier and there are no accreditation or identity fees charged.
Can we be billed monthly instead of annually?
No, Parallel requires annual contracts in all cases.
Can I control which records are added to my database?
Yes. If you are using a bridge page you can choose who you share the bridge site link with. If you are using the embedded flow or server API you control who can initiate a Parallel flow. In addition, within the dashboard or via the case management API, you can add records directly to your database.
Can I delete records from my database?
The data storage service we provide is "write-once, read-many", which is the industry-standard for financial institutions. Write-once, read-many is used by financial institutions specifically because it creates an immutable audit log - no data can be tampered with or edited after it is generated; it can only be appended. Parallel does support your ability to archive records (so the information is hidden and no longer viewable).
Note that archiving of a record does not affect your tier total for the then-current contract term, 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.
For example, if your contract runs from Jan 1 - Dec 31 and an individual or business consents to share accreditation and KYC/AML information with you and submits an application at some point in your first contract year, you will have ongoing access to that information at no additional charge and no additional count against the relevant tier through the end of the contract term.
This remains true even if the underlying individual or business re-submits multiple accreditation applications or additional identity information through the remainder of the term. At the start of the following term, that individual or business does count as a platform record in your new term unless you have archived their platform record. The previously submitted identity and accreditation information does not count towards the respective tiers in the new term unless and until that individual or business submits a new accreditation application or new identity claim within the new term.