Parity RAM will detect when an error occurs, but will not correct the issue. ECC or Error Correction Code RAM is necessary to correct errors.
RAM parity checking is the storing of a redundant parity bit representing the parity (odd or even) of a small amount of computer data (typically one byte) stored in random-access memory, and the subsequent comparison of the stored and the computed parity to detect whether a data error has occurred.
The parity bit was originally stored in additional individual memory chips; with the introduction of plug-in DIMM, SIMM, etc. modules, they became available in non-parity and parity (with an extra bit per byte, storing 9 bits for every 8 bits of actual data) versions.