IPC Systems (News - Alert) and TeleWare have announced a way to provide mobile compliance systems to record calls and other communications in the U.S. and the U.K.
Smartphones allow executives and other employees to conduct business from almost anywhere, and financial communications are increasingly subject to requirements dictating that calls be recorded, especially if they relate to a firm’s trading activities. With the increasing trend of people using their own devices—known as the bring your own device or BYOD movement—staying in compliance with laws like Dodd-Frank in the U.S. and MiFID in Europe is a challenge for IT departments on both sides of the Atlantic.
Both IPC Systems and TeleWare (News - Alert) aim to make the complex technical and regulatory environments of the 21st century easier.
"Mobile voice recording regulations impose transparency requirements that most financial institutions do not have the experience or resources to deal with in-house,” Neil Gray, Vice President of product marketing, trading communications Solutions at IPC, said. “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."
The SIM card-based solution routes and records calls and texts to a central, cloud-based system for storage, for which TeleWare provides the network.
"MVR combines IPC's focus on financial technology and compliance solutions with our leading SIM based recording solution,” said Mark Miller, U.S. general manager of T-Ware Connect. “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 U.K. and the U.S. The TeleWare Group network spans multiple countries and is constantly evolving – and delivers a solution fit for today's global compliance trading environment."
Edited by Alisen Downey