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A key provision of a law intended to prevent another financial meltdown, Dodd-Frank is coming into effect: the requirement for financial organizations involved in swap activities to record calls.

The Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law by President Obama in 2010. One major provision is the requirement that financial institutions involved in swap activities record all oral information before a trade is executed. This means almost any phone call made in financial institutions with trading floors and contact centers must be recorded.

The information must be available in an easily searchable form. The original deadline to implement these systems was November 2012, but it was extended to March 2013.

Businesses are scrambling to comply, and various business groups are suing the Securities and Exchange Commission and Commission and the Commodity Futures Trading Commission.

There is software available that can make compliance easier for businesses. A number of sophisticated solutions can analyze calls to find compliance issues. Users can search for calls based on a ticker symbol, customer ID, customer or portfolio type, share price, and other disclosure information.

Nexidia’s Information Analytics is one of these products. The company will be presenting at the DBA International 2013 annual conference in Las Vega, a major gathering of the debt collection industry.

“The severe penalties for making a misstep in complying with the complexities of the new Dodd-Frank Consumer Protection measures could ruin a collections business," said John Willcutts (News - Alert), president and chief executive officer at Nexidia. "By pinpointing compliance issues, Nexidia enables collection agencies to take swift corrective action to reduce enterprise risk and ensure compliance across all interactions-a new critical capability in a more tightly regulated world."

New requirements mean new software and the need to train more people how to use it effectively. E-learning can make the learning curve for employees learning how to comply with the new law while learning the ropes of the call recording systems.

Want to learn more about the latest in communications and technology? Then be sure to attend ITEXPO Miami 2013, Jan 29- Feb. 1 in Miami, Florida. Stay in touch with everything happening at ITEXPO (News - Alert). Follow us on Twitter.