Network-based service to enable financial services firms to meet Dodd-Frank and MiFID mobile recording regulations
IPC Systems, Inc., a leading provider of specialized communications and compliance-based solutions for the financial trading community and T-Ware Connect, the North American arm of global call compliance leader TeleWare Group, announced the immediate availability of an in-network based recording service for mobile devices. The IPC service offering, called MVR, is aimed at providing a platform for financial organizations to meet the call recording elements for mobile communications imposed by new global regulatory requirements driven by MiFID, in the UK, and the Dodd-Frank Act, in North America.
The SIM-based solution both records and stores mobile voice and SMS traffic seamlessly without impacting the trader’s call experience, while still managing the security and the policy control needed by the firm and required by the regulator. MVR calls and texts are routed through, and recorded in, a cloud-based network leveraging market-leading technology provided by TeleWare Group.
Financial institutions are facing an ever-increasing barrage of global regulation. Both MiFID and Dodd-Frank’s requirements for recording and storing all trade-related mobile calls have put a huge strain on financial organizations. The surge in BYOD and the challenges faced in developing across various platforms increase that burden. This means that banks need to ensure their risk and reputation are being properly managed to truly be relevant and competitive in today’s changing regulatory landscape. Firms that fail to adapt to these new mandates or that do not have the recording technology necessary to achieve regulatory compliance will quickly find themselves in the cross-hairs of the US and UK regulators.
Neil Gray, Vice President, Product Marketing, Trading Communications Solutions at IPC, said, “Mobile voice recording regulations impose transparency requirements that most financial institutions do not have the experience or resources to deal with in-house. IPC’s four decades of industry expertise leaves us uniquely situated to help solve many of their challenges. Our alliance with T-Ware Connect provides a best-of-breed solution that allows for firms to trade normal from their mobile devices, with compliance oversight and a rules engine that will enable them to deploy a globally consistent solution across the entire regulatory landscape.”
Mark Miller, US general manager of T-Ware Connect added, “MVR combines IPC’s focus on financial technology and compliance solutions with our leading SIM based recording solution. This collaboration will allow firms that have near term regulatory obligations or those that may have already missed them an opportunity to be in compliance quickly and securely with the comprehensive service and support they need for key financial market like the UK and the US. The TeleWare Group network spans multiple countries and is constantly evolving – and delivers a solution fit for today’s global compliance trading environment.”