Mobile and Fixed-Line Recording, Indexing and Retrieving Communications with Advanced Analytics Helps Financial Institutions Maintain Compliance with Global Regulations
Verint® Systems Inc. (NASDAQ: VRNT) announced its collaboration with Truphone, a global mobile network and leading provider of mobile recording solutions in the UK, US, Spain, Hong Kong and Australia.
As part of the partnership, Verint and Truphone have successfully completed compatibility testing of their financial compliance solutions. The result is an integrated solution that records, indexes and retrieves mobile and fixed-line communications on a single platform to help financial institutions comply with international recording regulations. By deploying this solution organisations can help mitigate breaches of internal rules and fraud, and improve general trading floor behaviour, while saving man-power and money normally spent on policy enforcement.
Regulations, such as the Dodd-Frank Wall Street Reform and Consumer Protection Act and regional rulings, including those set by the Financial Conduct Authority (FCA), require financial institutions to record all forms of relevant communications. The regulation also states that stored recordings must be searchable, securely held and retrievable in a timely fashion.
Due to rising pressures from regulators and more rigorous internal process requirements, financial institutions are looking to make their capture and analysis of relevant information more comprehensive and efficient. The integrated solutions will enable financial institutions to search, categorise and report on voice communications.
“Compliance officers at financial institutions face ever growing demands from industry regulators and the complexities of meeting these requirements are putting them under great pressure,” explains Robert Simpson, vice president, financial trading, Verint Systems. “The combined capabilities inherent in Verint and Truphone’s technologies will enable organisations to significantly broaden and deepen their monitoring activities, regardless of which communications channel is used on the trading floor.”
Paul Liesching, director of enterprise solutions and partners, Truphone, comments, “Most leading firms are now compliant with the regulation in at least one jurisdiction; however some have found the complexities of integrating their fixed line and mobile a barrier to fulfilling their obligations—especially across international borders. Working with Verint helps enable Truphone to plug that compliance gap.”
With the combined Truphone Mobile Recording, Verint Recording™ and Verint Voice of the Customer Analytics™ solutions, institutions can implement a proven and patent-protected recording infrastructure with a single user interface, enabling enterprises to become compliant with the regulations.
Further, Verint Speech Analytics™ and Verint Text Analytics™ solutions can help them analyse and manage large volumes of data to surface rising trends, detect anomalies, and identify areas of opportunity and improvement. Through contextual cues and smart logic options, interactions across all channels throughout the entire trading cycle can easily be found and retrieved.
Truphone Mobile Recording integrates with the Verint Recording engine to pass the calls into the on-premises voice recording platform—allowing integrated dealerboard, PBX and now mobile recordings to be indexed, archived and analysed as a cohesive whole. This plugs a gap in existing compliance solutions, which were previously unable to easily monitor mobile traffic.
Unlike common market approaches to recording, such as banning mobile usage or implementing app-based solutions that produce significant call delays and risk poor user experiences, Truphone Mobile Recording is a network-based solution that facilitates global compliance. Built on patented technology held within the Truphone global mobile network, it enables international collaboration, productivity and enterprise mobility.