5 Tips for Choosing the Best Voice Surveillance Solution

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Fonetic Team
Monday, 25 June 2018 / Published in integrated surveillance, voice surveillance
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Voice surveillance is the most difficult channel to monitor due to various issues. Voice comms in a trading floor environment produces lots of background noise as well as multiple speakers on recorded channels. Storing the comms also requires more server space and can become a costly addition to any existing solution, if not properly evaluated.

Although most financial institutions store voice communications, in a recent survey by Intelligent Trading Technology at their New York 1LoD event in April 85% of those surveyed didn´t proactively monitor their voice channels. This is something that’s not only dangerous from a compliance point of view but also puts those institutions at risk of missing vital intel and information about the productivity of their business.  

Selecting the right vendor is critical for the reputation of your company and its success.

We´ve put together 5 tips to determine the best voice surveillance solution for your trading floor. Here they are below:

 

Fonetic wins Best Trade Reconstruction Solution at ITT Awards 2018

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Fonetic Team
Wednesday, 13 June 2018 / Published in press, fonetic, Press release, contact center
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Intelligent Trading Technology, from A-Team Group, has awarded Fonetic with Best Trade Reconstruction Solution for Best Execution for Fonetic Trade Comms Suite.

  

 

 

New York – 13 June, 2018 – Fonetic is very pleased to announce the success of winning the category Best Trade Reconstruction Solution in this years ITT Awards 2018. Fonetic´s CEO, Juan Manuel Soto received the award on Tuesday in New York. He also had the pleasure of being accompanied by Eduardo Ron, Executive Director at BBVA. We all congratulate the team at Fonetic for this new recognition of Fonetic Trade Comms Suite for their Holistic Surveillance and Trade Reconstruction solution. Juan Manuel added a few words:

“Our solutions serve as an invaluable tool to ensure trade floor regulatory compliance globally and to be recognised as one of the leading RegTech suppliers is a great honour.”

Monitoring voice communications and what to look out for

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People like to talk. It´s part of our nature and is proven to generate a closer relationship with the person you are communicating with. In the UK alone, the total amount of voice calls, over fixed or mobile, amounted to over 200 billion minutes, according to a study by Statista.

When it comes to closing deals on a trading floor, voice calls are still an integral part of communications and one of the traders´ favourite channels, which makes it the most vulnerable too. However, only 20% of banks monitor their voice communications. As of January 3rd, 2018, the new MiFID II regulations requires companies to proactively monitor all communications related to a financial product, including voice, in order to prevent fraud from happening. 

Voice surveillance is the most difficult channel to monitor due to various issues.  This makes it the starting point to achieveing a more holistic approach. Similar to how this leading APAC bank achieved to mitigate risk through Holistic Surveillance, after conquering the voice data, it´s a lot easier to add in other communication channels.

Here are 4 factors you must consider when monitoring your voice channels: