The Turks & Caicos Islands Government adopts SafetyNetKYC powered by IBM Watson
PROVIDENCIALES, Turks & Caicos Islands, 25th October 2015 – Domus Semo Sancus (DSS), a financial technology company, today announced it has become an IBM Watson Ecosystem Partner and The Turks & Caicos Islands Government is using its SafetyNet™ application, powered by Watson to assess the background of those interested in investing in the country during the onboarding process. By leveraging the cognitive computing power of Watson, SafetyNet is able to help The Turks & Caicos Islands Government improve business operations and shorten the amount of time it takes to vet a potential investor to minutes versus days.
Watson’s ability to interact in natural language, analyze large volumes of unstructured data, respond to complex questions with evidence-based answers, and discover new actionable patterns and insights allows SafetyNet to expose patterns, connections, and insights around persons and entities-of-interest at a depth and speed no human expert can ever achieve on their own. With SafetyNet, DSS’ customers are able to onboard qualified customers and employees much faster than they could without the cognitive computing solution.
Know Your Customer (KYC) lapses have cost companies billions in fines and even more in reputational damage. SafetyNet help companies mitigate against such risks, has embedded Watson natural language APIs via the IBM Watson Developer Cloud, which allows it to meet the performance and system availability requirements of even the most discerning clients.
“SafetyNet has the ability to help governments speed up inward investments, as it can vet potential investors in minutes, compared to the days it takes with other methods,” states Hon. Dr. Rufus W. Ewing, Premier, The Turks & Caicos Islands Government.
“People aren’t always what they seem, and not knowing who you’re dealing with can be costly, especially in a trust and on-demand economy. Businesses today need a thorough, affordable, and relatively quick way to conduct background checks on potential associates, and SafetyNet with IBM Watson addresses that need at a global level,” states E. Jay Saunders, Founder and CEO, DSS.
DSS is joining a growing community of startups and established businesses who are leveraging the Watson Developer Cloud, a platform used by more than 77,000 developers globally to pilot, test and deploy new business ideas in industries ranging from health care, financial services and retail to education, music, and sports. The community includes more than 350 Watson Ecosystem partners who are commercializing products and services, 100 of which are being used in market.
About Domus Semo Sancus (DSS)
Domus Semo Sancus (DSS) Ltd, founded by E. Jay Saunders, is a financial technology company that is building tools to encourage financial inclusion and bridge the e-commerce divide. DSS’ SafetyNet™ is a global state-of-the-art employee and customer onboarding utility Powered by IBM Watson, that helps companies understand the potential risks that an employee or customer represents.
DSS sponsored and co-hosted its first annual hackathon (CANTO C.O.D.E 1.0) for elite software programmers from across the Caribbean, which took place between the 27th to the 29th July 2015 in Miami, Florida.
For more information on Domus Semo Sancus (DSS), visit: www.semosancus.com.
IBM Watson: Pioneering a New Era of Computing
Watson is the first open cognitive computing technology platform and represents a new era in computing where systems understand the world in the way that humans do: through senses, learning, and experience. Watson continuously learns, gaining in value and knowledge over time, from previous interactions. With the help of Watson, organizations are harnessing the power of cognitive computing to transform industries, help professionals do their jobs better, and solve important challenges.
To advance Watson, IBM has two dedicated business units: Watson, established for the development of cloud-delivered cognitive computing technologies that represent the commercialization of “artificial intelligence” or “AI” across a variety of industries, and Watson Health, dedicated to improving the ability of doctors, researchers and insurers and other related health organizations to surface new insights from data to and deliver personalized healthcare.