Fonetic Extends Its Relationship with BBVA
Fonetic, a provider of voice and text management solutions, today announced that Banco Bilbao Vizcaya Argentaria (BBVA) is rolling out the Fonetic linguistic analysis and trading compliance solution to proactively monitor and prevent trading malpractice at its London and New York headquarters.
This decision comes after almost seven years of successful integration with Fonetic's trading compliance solution in BBVA's trading floors in Spain and further strengthens the partnership between the two companies. The move also keeps the bank in step with legislation, including forthcoming rules and regulations associated with Dodd-Frank and MiFID II compliance.
Fonetic's trading compliance solution enables BBVA to make significant improvements to its trading-floor surveillance and compliance operations by looking directly into the trading floor audio patterns, detecting languages, pronunciations, and accents to understand the context of calls and detect potential compliance risks, flagging them before they occur.
"BBVA's decision to extend its relationship with Fonetic is proof of the excellent collaboration between the two companies to eradicate trader fraud in the financial sector," said Juan Manuel Soto, CEO and founder of Fonetic, in a statement. "Fonetic's relationship with BBVA is pioneering and sets a precedent for other banks striving to be compliant before the MiFID II deadline. By using Fonetic's direct phrase recognition, and by not transcribing the voice-to-text before analysis takes place, Fonetic is the only solution able to guarantee BBVA analysis of 100 percent of the calls 100 percent of the time."