Case Study: Lexidy achieves 71% faster KYC with Parallel

Lexidy cuts KYC time by 71% with Parallel

Lexidy, an international law firm, faced significant challenges with its manual and fragmented KYC process, which took up to seven days and acted as a barrier to new business, causing client frustration and drop-offs. To overcome this, they turned to the vendor Parallel to implement an automated KYC and AML compliance solution.

By using Parallel's platform, Lexidy automated client identity verification, biometric checks, and sanctions screening. This integration streamlined the entire process, resulting in a 71% faster KYC time, reducing it from 7 days to 2, and completely eliminating client drop-offs during the procedure. The solution also cut down internal manual work and centralized all compliance data.

Lexidy