NASSAU, BAHAMAS — California-based Bluestone Technologies through its Bahamas affiliate, Bluestone Labs, has released a new app to streamline customer on-boarding and AML/CFT verifications for regional financial institutions and insurance companies.
With the ongoing threat to other nations as the Russia-Ukraine ensues, Bluestone Technologies Founder and CEO John Bridgewater stressed the importance of businesses in The Bahamas and other CARICOM countries remaining on guard.
The Artificial Intelligence tool that powers B-ID’s Bluestone Advantage is already utilized by 13 international financial institutions and crypto companies across the United States (U.S.) and Europe to on-board and verify new clients, as well as to provide ongoing transaction monitoring.
The company also uses artificial intelligence to provide health verification for COVID-19 test results and vaccinations for over 250 million users, integrating with more than 50,000 healthcare providers across America – including CVS, Mychart, and others. It has been a partner with WHO’s Patchcheck Foundation for global vaccination verification since the beginning of the global pandemic, which assists more than 300 million Europeans to verify their digital European Union (E.U.) COVID certificate.
Through the foundation, Bluestone Technologies has also been a part of the implementation of Apple & Google’s Exposure Notification and automated contact tracing tools for 6 countries around the world. Therefore, Bluestone Technologies’ vast database allows it to thoroughly screen customers across more than 150 million data sources around the world for adverse media, politically exposed lists, and global sanctions list.
The Bluestone Advantage AI scrubs hundreds of millions of articles every 15 minutes in order to detect individuals on sanction lists, those who may be politically exposed, and to provide that data to their clients in real-time to avoid violating compliance regulations. Enterprise access is a portal where they can buy credits that are used to request and run checks on customers during on-boarding, making the system affordable for SMEs.
Bridgewater touts the feature as “an advanced and affordable competitor to WorldCheck, LexusNexus, and others”.
He’s also calling on the current administration to take a closer look at positioning the nation to survive in a digital economy.
Bridgewater continued: “We don’t know how this conflict will evolve as the U.S. is also threatening sanctions on China – one of The Bahamas’ largest partners, if not the largest partner in our country. Are we going to sanction China, too? What about other countries?
“I think it’s time that the country starts to take identity verification seriously and prepare itself for the digital economy. When you look at different countries around the world, digital IDs are rolling out very quickly with verification at every point of sale. You have to verify everywhere in the world right now. You have to get ready for that kind of environment and having the tools available for our institutions will help us get there.”
As for individuals, Bridgewater said: “Anyone can download the mobile app in the app stores to digitally carry their passport, driver’s license, or NIB card around. You can also share your B-ID number with select local clients to streamline service. Our AI recognizes over 80 IDs from around the world. You should not have to physically carry your IDs in 2022 for verification. It should be done from your phone in one click.”
The B-ID mobile app is available in the App Store and Google Play. The platform was initially created to locate missing persons after the passage of Hurricane Dorian in September 2019. Today, it offers an array of global e-services that marries convenience with business, travel, and daily transactions.
