Actiance, the leader in communications compliance, archiving, and analytics, today announced from its Unleash EMEA 2017 Summit that it is teaming with top telecommunication solution providers Movius, Red Box, and artificial intelligence leader Veritone to deliver a holistic, integrated offering to meet customers’ requirements for voice compliance.
Under MiFID II guidelines, set to take effect in January, financial services firms must gather all communications related to a trade upon the request of a regulator, including relevant unstructured records such as email, IM, social media and voice communications. “When it comes to compliance challenges related to capturing and archiving communications, customers are telling us that voice is their number one challenge,” said Anthony West, CTO, Actiance.
MiFID II: Meeting voice and archiving requirements
While many banks are already archiving landline and turret communications, they’re now required to do the same for mobile, as well as capture a wide array of context for each conversation. Meeting MiFID II requirements such as these presents a technical challenge that thousands of organizations are now struggling to come to terms with, as several surveys indicate that as many as two-thirds of companies are not ready for MiFID II.
Actiance will work with its partners to provide a voice compliance solution that:
• Provides a full view of all conversations happening in all channels, and the ability to proactively control and, as necessary, prevent them
• Identifies areas of risk and sensitive information that’s not being managed in accordance with regulatory or governance policies
• Enables rapid response to regulatory inquiries, such as those stemming from MiFID II
• Goes beyond traditional archiving solutions to offer the full contextual picture of conversations that may happen across multiple mediums across lengthy timeframes
Actiance’s partners extend the Actiance compliance and archiving platform to deliver the most reliable and efficient technology solution to conduct oversight of a firm’s electronic communications in one place. We’re thrilled to announce the latest partners to our ecosystem bringing strong, out-of-the-box solutions:
Movius provides a cloud-based service that enables individuals and financial institutions to achieve regulatory compliance for their mobile business communications. The solution offers a separate corporate number on employee devices for calls and texts to deliver a complete BYOD enabled solution in support of compliance. It’s also carrier-agnostic and can be deployed at scale with built-in mobile recording without any change to the handset, the SIM or the user’s existing mobile network.
The Movius and Actiance partnership brings together two leading platforms to provide global financial services firms with a full range of options in an end-to-end solution.
“Actiance brings the compliance, retention, archiving and eDiscovery capabilities that banks require; it’s a perfect complement to our technology. Firms will be able to capture, record, store and analyze mobile voice and text communications all seamlessly through the Actiance Platform,” said Amit Modi, Chief Product and Technology Officer, Movius. “For global enterprises, this is a worry-free and comprehensive answer to the question of MiFID II compliance.”
Red Box Recorders is a leading provider of communication recording solutions and is already trusted by organizations in the financial services industry, including the world’s top 6 banks and 85% of global interdealer brokers. Seamless integration with the Actiance compliance and archiving platform will deliver the guaranteed voice capture needed to meet strict compliance regulations and standards around the globe.
Pete Ellis, CRO of Red Box Recorders commented, "We are looking forward to working with Actiance to bring our decades of experience in providing innovative recording solutions to financial services organizations around the globe. Our integration with the Actiance compliance and archiving platform ensures the capture of all voice recordings, across a range of systems (including Skype for Business, Cisco, Avaya and all trading turrets) in support of MiFID II regulatory requirements."
Veritone® (NASDAQ: VERI) is a leading artificial intelligence company that has developed a unique platform, aiWARE™, which unlocks the power of AI-based cognitive computing to transform and analyze unstructured public and private audio and video data for clients in a variety of markets, including media, politics, legal and government. The open platform integrates an ecosystem of best-of-breed cognitive engines and powerful applications, which are orchestrated together to reveal valuable, multivariate insights. aiWARE delivers unprecedented insights by unlocking data from linear files such as radio and TV broadcasts, surveillance footage and public and private content globally.
“We are delighted that Actiance has taken steps to integrate Veritone cognitive engine capabilities into the Actiance platform by utilizing our open APIs,” said Mike McDonald, senior vice president and general manager for Veritone Legal. “Actiance users can now, for the first time, enjoy rapid, highly-accurate, cost-effective machine transcriptions and translations of evidentiary audio in over 100 languages. Our unique, open artificial intelligence technology, which easily integrates and intelligently orchestrates high-performance cognitive engines, has forever changed eDiscovery and proactive compliance.”
These new partners join others in the Actiance Partner program including: Fonetic, Hootsuite, IPC, Red Owl, Technically Creative, and VerQu.