GreenKey, creator of an award-winning voice-driven collaboration platform for global financial market participants, announced that in early May, the firm will launch its newest tool designed to help financial institutions comply with heightened market regulations and improve productivity.
GreenKey's new instant messenger aggregator will provide the ability to retain messages sent over third party platforms to meet mandatory record-keeping requirements. The tool will make popular platforms such as Yahoo, WhatsApp, WeChat and AOL Instant Messenger (AIM) acceptable for use by financial market firms.
Users of the tool will be able to log into the third party instant messenger applications from within GreenKey, eliminating those features of the platforms that are non-compliant with financial regulations, such as the ability to delete messages. GreenKey's software will enable the users' firms to capture and store the messages for compliance purposes. The tool will enable users to aggregate their login and messaging capabilities and manage all of their instant messages, regardless of the platform, in one place.
GreenKey CEO Paul Christensen said: "Firms want to be able to offer their staff the ability to use different instant messaging services, as dictated by market practices and the needs of their customers, but regulatory requirements place the burden on them to make sure they are retaining records and meeting financial market security protocols. Given the design of these third party services, that was not previously possible. Our instant messenger aggregator takes the burden off of the firms and makes it easy for them to comply."
Said GreenKey Chief Product Officer Anthony Tassone: "Our voice-driven collaboration platform was designed to capture and retain data from different sources so integrating instant messaging is a natural extension of our offering. In fact, GreenKey has been working with customers on voice dictation inside the messaging platforms, enabling faster workflows for brokers and traders who must submit deals within a certain period of time to remain compliant."
Instant messaging and chat rooms are part of the oral and written communications systematic record keeping requirements under U.S. Commodity Futures Trading Commission (CFTC) Regulation 1.35(a).
Russell Fernando, Group Managing Director of Amstel Financial Services Pte Ltd. in Singapore, said: "Given the predominant use of WhatsApp and WeChat as a means of communicating in Asia, this will be a fantastic tool for financial firms here."
Dominic Banaszkiewicz, Technical Operations Director of Freight Investor Services (FIS), a leading global commodity derivatives and inter-dealer broker, said: "We have been using GreenKey's voice communications throughout our firm, but primarily in Asia, for nearly a year and have enjoyed the continued introduction of new and improved features. Given the global regulatory environment, GreenKey's new IM aggregator will prove to be essential for us to remain compliant in all areas of voice and chat retention."