MiFID II regulations require financial companies to record and securely store their calls from January 2018 onwards. Simetric Telecom has partnered with global cloud leader Dubber, to launch an advanced communications solution that gives users the ability to capture and access their mobile calls – resulting in significant business advantages that extend beyond MiFID II.
Launching alongside their Mobile-X™service, unified telecom services provider Simetric will now provide mobile cloud call recording. With mobile phones the most common form of communication, Simetric have teamed up with Dubber to provide a way for users to remain compliant across devices. With the deadline for compliance with MiFID II a matter of weeks away, this cloud based call recording solution can be rapidly deployed to ensure financial advisors can meet the regulatory requirements.
MiFID II regulations relate to individuals and organisations who provide financial advice. The regulations require that all telephone calls that include financial advice that could lead to a trade are recorded. These regulations extend to independent financial advisors and wealth managers. Many of these conversations will take place on mobile phones: creating the need for a solution that will ensure compliance across devices.
Delivered through the Simetric network on Mobile-X™ SIM cards, this new service will allow users to have single number reach and common PBX features across their mobile and fixed line platforms, with Dubber communication capture available on all of their devices. This fully unified Mobile-X® service will be made available to Simetric’s own partner base as well as wholesale through the Simetric interconnect service to other providers in the UK.
The transformative offering also features Zoe: Dubber’s powerful speech intelligence suite, which enables users to search through their calls and analyse the voice data that has been captured. Calls related to financial transactions can be quickly located — a crucial component of MiFID II compliance — using a variety of search criteria, but it is the ability to extract the value from the voice data, enabling users to gain valuable insights from their conversations, which turns a compliance service into a highly valuable business tool.
John Murray, Director, Simetric Telecom: “Dubber is the platform of choice for some of the world’s biggest telecommunications companies and it is a perfect addition to our Mobile-X network. Increasingly, our partners and their customers are demanding call recording for MiFID II compliance, security and quality.
“While Dubber is a great option for deploying call recording for compliance, it has also added significant power to the Simetric mobile recording offer. The capabilities and end user features are compelling compared to other options in the market. We can now deliver a seamless integration of unified communications and call recording into both fixed and mobile services, helping our customers to manage their calls, and to achieve compliance across devices and across international boundaries. This partnership with Dubber demonstrates yet again that Simetric leads the way in mobile convergence.”
James Slaney, co-founder, Dubber: “Mobile call recording is a crucial requirement for businesses of all sizes, since mobile devices are often external to a company’s network infrastructure. The Simetric service enables mobile calls to be recorded and managed in one environment. Not only does this provide a solution for total compliance, but also enables the capture, management and sharing of information which can dramatically improve business performance.
“Common user feedback concerning MiFID II compliance outlines the fear that regulatory requirements may have the effect of tying businesses to their desk phones, resulting in a huge demand for mobile call recording. Not only do we remove that fear: we also provide a valuable new capability for mobile devices. They are a tool for capturing voice data and delivering tangible business advantage”
About Simetric: Simetric Telecom is a unified telecom services provider offering innovative cloud based PBX solutions to channel partners throughout the UK. Simetric’s smart Mobile-X® network seamlessly blends fixed and mobile services and enables its partners to immediately benefit from a suite of easy to deploy features and products, which bring enhanced customer loyalty and new, high value revenue streams. Mobile-X® works, via a SIM, on any unlocked smartphone or standard handset, with a single converged number removing the need for mobile contracts.