Teleware has launched a 'clientless' mobile call recording system designed to help financial services firms meet FSA rules set to come into effect later this year.
Under the UK watchdog's new regulations, from 14 November banks and securities firms will have to tape and record staff mobile phone calls as part of a concerted crackdown on insider dealing.
Teleware says it has developed a system that records any call, to and from most widely available mobile phones on Android, iPhone, Blackberry, Windows and Symbian. It then stores the entire call along with destination, date and time stamp held on an encrypted, high availability storage platform for up to 10 years.
Using a special SIM, the call recording system works in any location with GSM, 3G or 4G in the UK or abroad and has been tested in 265 countries. Like any other mobile network, the Call Recording offering has standard features like voicemail, call conferencing, forwarding and Internet access.
In the event of an FSA investigation or if a clarification is required on any conversation, each call can be accessed via a secure Internet portal with two factor authentication, says the vendor.
TeleWare, has been working with two independent national telecommunication carriers, to test the technology using thousands of simultaneous calls equating to hundreds of hours of recordings. An unnamed FTSE financial services firm is already deploying the technology and the vendor is prepping to go to market with several telecos.
Teleware says that by placing the call recording system directly within the mobile network, it lets firms reduce the burden on their IT and compliance staff. The cost is built into the mobile tariff and starts from around £14 per user per month.
Steve Haworth, CEO, TeleWare, says: "The solution scales from a small sole trader all the way to an organisation with 10,000 mobile users. Implementation at, say, a small brokerage firm with 20 traders takes less than a week and requires no additional IT equipment on premises."