The addition of cloud-based mobile call recording to Simetric Telecom's Mobile-X service brings MiFID II compliance to its users.
The move follows a partnership between Simetric and Dubber that delivers speech intelligence advantages as well as meeting the imperative to comply with the new MiFID II regulations that come into force in January 2018.
"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," said John Murray (pictured), Director, Simetric Telecom.
Under the MiFID II rules all telephone calls that include financial advice which could lead to a trade must be be recorded.
"Many of these conversations will take place on mobile phones: creating the need for a solution that will ensure compliance across devices," added Murray.
The service is delivered through the Simetric network on Mobile-X SIM cards and will be made available to Simetric's partner base as well as wholesale through the Simetric interconnect service to other providers.
The offering also features Dubber's speech intelligence suite, called Zoe, 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, which is a crucial component of MiFID II compliance," noted Murray. "And extracting the value from the voice data enables users to gain key insights from their conversations, which turns a compliance service into a valuable business tool."
Dubber co-founder James Slaney added: "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."