BT and Truphone on Dodd-Frank compliant mobile recording service
As one of the leading telecommunications providers worldwide; BT caters for customers in more than 170 different countries, including the United States, where new legislation known as the “Dodd-Frank Wall Street Reform Act” will require mandatory mobile recording.
In order to comply, global mobile operator Truphone has chosen BT as their partner of choice for the company’s experience in this field.
My personal knowledge of the Dodd-Frank act going into the interview was very limited; but I had a chance to take a brief look over its key points beforehand. Very quickly the requirements appeared (to me at least) like they could be considered invasive measures.
Of course the benefits are also obvious to recording every conversation; if any discrepancies occur, for example, exact discussions can be recalled. It may just be all my recent reporting on the NSA and subsequent PRISM revelations which has made me paranoid.
My first question revolved around the company’s own impressions about the act...
Paul Liesching, Senior Vice President, Truphone Mobile Recording at Truphone, led the answer: “I think the financial markets are an exception, in as much as, traders have been used to recording for some time now. If you look at the UK, recording of fixed lines has been in place for many years.”
He continues: “Financial institutions are saying to their employees ‘look, we record on the devices you use to talk to our customers - mobile is a vital part of that as we move into a wireless world - therefore the natural extension would be to give you a corporate handset and we record that.’”
“The purpose is to protect consumers and regulate the financial markets.”
Paul mentioned the years of recording in the UK, which piqued my interest.
Jappy Takhar, Client Business Development Director of Financial Technology Services at BT, said of their experience: “In BT’s Financial Technology Services division we have a product family called ‘Unified Trading’ and we already do fixed-line recording for a lot of trading floor sales already as part of the business.”
He explains: “Across the globe we record conversations traders have around any type of conversation; from specific devices, or their regular phone calls – like someone on sales or research would have. Mobile recording, in the UK, is through another partner – Teleware.”
Truphone has a proven track record as a reliable global mobile operator with access spanning more than 200 countries utilising its network and technology to enables local calls within “The Truphone Zone” - which includes Australia, Hong Kong, Germany, the Netherlands, Poland, Spain, UK and the US. Naturally, the obvious benefit is the removal of incurring (generally expensive) roaming charges.
It’s through this unique network which Truphone is unparalleled as Paul Liesching, Senior Vice President, Truphone Mobile Recording explains: “With Truphone’s mobile recording; we can offer a global bank with one sim card which acts locally in the country they are in, it can be recorded centrally, and then redistributed to where they want the information to be stored.”
Clearly BT and Truphone have a winning partnership going forward; starting with the collaboration on mobile recording. Whilst the focus is on this current announcement, I wanted to know if there was any further collaboration between the companies in the pipeline...
Jappy leads the conversation: “There is also the opportunity to leverage other products within the family of BT’s Unified Trading. One of those is called ‘BT Unified Trading Collaboration’ so we’ll definitely be working with Truphone on taking those conversations and using speech recognition to provide information back to the banks.”
Truphone’s Paul gave his take: “Yes, that is a very obvious collaboration. There are synergies between what Truphone do on a global basis and the incredible network, technologies, and innovations which BT is making.”
What do you think about BT’s mobile recording collaboration with Truphone?
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