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We present an implementation of a truncated unity parquet solver (TUPS) which solves the parquet equations using a truncated form-factor basis for the fermionic momenta. This way fluctuations from different scattering channels are treated on an equal footing. The essentially linear scaling of computational costs in the number of untruncated bosonic momenta allows us to treat system sizes of up to 76 × 76 discrete lattice momenta, unprecedented by previous unbiased methods that include the frequency dependence of the vertex. With TUPS, we provide the first numerical evidence that the parquet approximation might indeed respect the Mermin-Wagner theorem and further systematically analyze the convergence with respect to the number of form factors. Using a single form factor seems to qualitatively describe the physics of the half-filled Hubbard model correctly, including the pseudogap behaviour. Quantitatively, using a single or a few form factors only is not sufficient at lower temperatures or stronger coupling.PACS numbers:

Using a leading algorithmic implementation of the functional renormalization group (fRG) for interacting fermions on two-dimensional lattices, we provide a detailed analysis of its quantitative reliability for the Hubbard model. In particular, we show that the recently introduced multiloop extension of the fRG flow equations for the self-energy and two-particle vertex allows for a precise match with the parquet approximation also for twodimensional lattice problems. The refinement with respect to previous fRG-based computation schemes relies on an accurate treatment of the frequency and momentum dependences of the two-particle vertex, which combines a proper inclusion of the high-frequency asymptotics with the so-called truncated unity fRG for the momentum dependence. The adoption of the latter scheme requires, as an essential step, a consistent modification of the flow equation of the self-energy. We quantitatively compare our fRG results for the self-energy and momentumdependent susceptibilities and the corresponding solution of the parquet approximation to determinant quantum Monte Carlo data, demonstrating that the fRG is remarkably accurate up to moderate interaction strengths. The presented methodological improvements illustrate how fRG flows can be brought to a quantitative level for two-dimensional problems, providing a solid basis for the application to more general systems.