The Gap in MIFID 2 Compliant Call Recording Solutions For Hosted Telephony Systems
Compliant hosted telephony – in the UK alone, millions of companies have already ditched their on-premise phone system to reap the many benefits of hosted telephony – reduced costs, lower admin resource requirements, future-proofing, scalability and greater resilience to name a few.
However, ensuring that calls are recorded and stored in line with MiFID II and other regulatory requirements continues to pose a challenge to many financial firms who would otherwise jump at the opportunity to move their communications to the cloud.
Out With The Tin, In With The Cloud – Replacing Traditional Call Recorders
For years, regulated financial organisations have had no option but to use physical call recording equipment in order to stay compliant. Many firms, however, have become frustrated with the high costs and poor service associated with certain traditional call recording providers.
With IP-based telephony set to completely replace legacy analogue and digital voice services in the UK by 2025 when BT withdraw the PSTN and ISDN network, and the explosive growth of cloud services in all areas of life, companies are becoming increasingly aware of the limitations of traditional “tin-based” solutions. Firms, now more than ever, are looking for better alternatives and asking themselves – how can I replace my call recorder?
Are There Any Suppliers of MiFID2 Compliant Hosted Telephony Solutions?
While most hosted telephony platforms have the capability to record calls, very few are able to do so in a manner that enables firms to fully comply with MiFID 2 legislation. Data integrity, auditability and UTC time stamping are key factors.
Regulated firms also need to ensure that all relevant communications, both internal and external, are captured and that recordings cannot be tampered with or deleted.
DoubleEdge, through our partnerships with some of the world’s leading technology and cloud communications providers, can cater to all of these requirements.
From a simple “point solution” with basic search functionality to replace a legacy call recorder and/or physical phone system, to a fully integrated platform to capture all forms of voice and e-comms, incorporating world class speech-to-text engines, advanced search features and real-time proactive alerts, we can help.
With our MiFID II compliant hosted telephony and call recording solutions, financial organisations can now gain all the benefits of cloud-based voice services while meeting or exceeding all of their regulatory obligations.
Contact us to learn more.