Truphone, the global mobile network and provider of mobile recording solutions, will be offering unlimited voice and SMS recording—as part of a global drive to help financial institutions comply with mobile voice recording regulations.
The move follows independent revelations last week that the majority of regulated firms are yet to become compliant, citing expense of implementing recording solutions as the biggest obstacle. The solution is designed to help ease the cost of compliance for financial organizations, in order to remain responsive in today’s highly-regulated market. Companies in the financial sector can store and encrypt calls and texts, allowing banks to easily reconstruct a trade if required to by the regulator.
According to Rik Turner, Senior Analyst at Ovum, “Our research has found that only 33% of UK banks are compliant with regulations, citing cost as the main reason for not implementing mobile recording solutions. They often forget that a single fine from the regulator, far outweighs the cost of a mobile recording solution. These solutions not only help banks stay compliant, but bring in more business by enabling traders to continue doing business on the go.”
Facilitating Global Compliance
Truphone Mobile Recording is a network-based solution that supports global compliance. Built on patented technology, it enables international collaboration, productivity and enterprise mobilization, as opposed to other market approaches to recording—such as banning mobile usage or implementing app-based solutions that produce significant call delays.
Paul Liesching, Senior Vice President of Enterprise Partners and Solutions at Truphone, said, “Truphone has built a network, an infrastructure and a solution that works on a global scale. It helps customers rapidly comply with emerging regulations while enabling greater mobilization, which is why five of the world’s largest investment banks use this solution.”