Partnership will provide mutual clients with a direct integration of SteelEye’s innovative regulatory platform and Solgari’s GDPR compliant cloud services platform
Cloud software services are offering Financial Services and Fintech Firms unlimited compliance and big data capability, turning regulatory demands such as MiFID II and GDPR into an opportunity
SteelEye, the compliance technology and data analytics firm, is pleased to announce a technology partnership with Solgari, the global provider of compliant, integrated omni-channel cloud communications services. The partnership will integrate SteelEye and Solgari’s cloud platforms, allowing clients to meet many financial services regulatory requirements while opening up significant data analysis opportunities.
- SteelEye’s software reduces cost and complexity for financial service firms meeting their MiFID II obligations for Record Keeping, Transaction Reporting, Trade Reconstruction and Best Execution, while allowing these firms to extend intelligence through Surveillance functionality and gain further valuable insight from their own data.
- Solgari provides customers all the digital communication channels – including voice, WebRTC video, chat, IM & SMS – while automatically addressing MIFID II, GDPR and PCI DSS compliance requirements through a per user per month SaaS model.
MiFID II is a significant and complex set of regulations that came into effect in 3 January 2018, impacting global financial firms participating in the European financial markets. With as little as 72 hours’ notice, firms may be required to produce complex reports in a specified format using data from disparate sources. Companies found non-compliant with MiFID II will risk fines of up to €5 million or 10% of global turnover, with the additional risk of reputational damage.
Following MiFID II, the introduction of General Data Protection Regulation (‘GDPR’) on May 25th 2018 represents a firm action by the EU to significantly strengthen and unify data protection for all individuals within the EU. Although created by the European Union, GDPR will have a global reach, governing the data of EU citizens all over the world. Even if data controllers and processors are based outside the EU, the GDPR regulations will still apply to them once they are managing or processing data belonging to EU citizens.
Once GDPR comes into effect, controllers must be able to immediately ensure that personal data is processed lawfully, transparently and for a specific purpose. Where a company or organisation is found to have disregarded GDPR compliance procedures, they may be subject to fines of up to €20 million or 4% of their global annual turnover, whichever is the greater.
Impact of Solgari&SteelEye Partnership
Our complementary partnership will provide clients with SteelEye’s deep compliance and analytical capability, integrated with Solgari’s MiFID II & GDPR compliant communications cloud service. The partnership creates the opportunity for joint customers of Solgari and SteelEye to record and archive all relevant communications data on Solgari’s cloud with integration to SteelEye providing instant access to all relevant financial transaction data on SteelEye’s compliant cloud platform. Delivered as a cloud service, this also opens up significant cost savings to financial services versus the alternative of meeting regulatory and communication requirements through multiple, disjointed technologies.
Matt Smith, CEO at SteelEye commented: “SteelEye has the best communications & trade record keeping solution combined with the most advanced Trade Reconstruction and analytic capabilities available in the market. We firmly believe that to validate true best execution, firms must demonstrate through communications, such as voice, video, SMS & chat, that they acted in the best interest of their clients. Although SteelEye is agnostic to data sources, this partnership will provide our clients with a fully-integrated, affordable answer to their global regulatory obligations.”
John Colgan, CEO at Solgari added: “MiFID II & GDPR represent significant challenges to the Financial Services industry, however many aspects of these new demands can be addressed by best of breed, highly secure cloud software solutions. Not only can these solutions lead to automated compliance, they are also likely to open up other opportunities around cost savings, efficiency and the ability to accurately assess recorded data. Our partnership with SteelEye opens up all this capability to both our customer bases and we are delighted to be working closely together going forward.”