December 7, 2017
For many years now, regulators of the financial services industry have been tightening rules around reporting and record keeping pertaining to financial transactions.
If you are in financial services, complying with these rules can create a headache when it comes to mobile call recording.
In Europe, the new MiFID II regulations will go into effect in January with new communication recording and archiving rules for virtually every type of entity delivering financial trading services.
“Designed to promote investor protection and inject more transparency,” says the Financial Times, “the EU’s ambitious Mifid reforms will transform Europe’s financial industry when it comes into force in January.”
Similarly, US regulators have required financial services entities to conduct recording and archiving of communications related to financial services transactions, such as commodity futures, credit swaps and similar financial instruments.
If you support IT or telecommunications for a financial services firm, one of the biggest technical challenges in complying with these regulations is ensuring that mobile voice recording can be implemented.
The challenges include:
- Mobile phone communications take place outside of your direct control. While you may be able to control a user’s device itself, such as with a Mobile Device Management system, the real-time communications such as voice are handled by and routed through the mobile network and PSTN.
- Your corporate communications systems may offer mobile device apps for integrating your users’ mobile communications. But these apps often are clunky and hard for users to operate, driving up your support burden or causing users to simply ignore them. In addition, the apps use “over-the-top” best-effort VoIP and so have poor quality when compared to business-class communications.
- Call recording and compliance systems are focused on landline phones, not mobile phones. Yet mobile phones are becoming the primary communications device of choice across every industry including financial services where possible.
Mobile-X from Tango Networks solves these problems. You can use it to implement simple, straightforward recording of all your users’ mobile phone communications using the same recording systems you use for landlines.
Our compliant mobile communications solution achieves this by giving you simple control over policy enforcement and call routing of real-time voice communications in the mobile network. That means your users can’t do an end run around the compliance policy or tools. And in many cases they will be able to use the phone’s native dialer and high quality voice communications, not a clunky over-the-top app with poor voice quality.
Mobile-X from Tango Networks brings next-generation fixed mobile convergence technologies to communications for the distributed workforce. Now workers anywhere can have seamless corporate communications, supporting Mobile Unified Communications, mobile workforce communications, and programs for remote working, work from home, telecommuting and business continuity.
Check out these resources to learn more:
- Tango Networks’ Mobile Call Recording solution note
- Video on compliance solutions for your regulated users