Fonetic and ASC Telekom Partner on Solution for Banks
ASC Telekom, a German firm that provides call recording technologies, and Fonetic, a provider of speech analytics technologies, have entered into a global strategic partnership to foster government regulatory compliance for financial institutions.
Fonetic's speech analytics-based Dodd Frank and MiFID-2 Record Keeping Compliance Solution technology can mine both voice and text data by phone, email, text messaging, or any combinations of these elements.
The partnership with ASC offers a global infrastructure for financial institutions to meet the ever-increasing pressure from regulators to store, sort, and quickly retrieve voice and data from any recorded source.
"Banks, by law, have to record all their transactions," explains Simon Richards, global sales and marketing director at Fonetic, which is based in Spain. They must also be able to produce, within 72 hours, records of any transaction made.
While the Fonetics technology provides that capability, it goes a step further. "It is proactive," Richards says. "You can set alerts to automatically notify you of potentially fraudulent activity."
ASC will market the Fonetic solution as part of its workforce optimization and compliance suite, which includes not only recording but also quality management, eLearning, and workforce management. ASC's and Fonetic's technology has been in commercial use since 2009 at Santander, one of Spain’s largest banks. BBVA is another user of the technology. Fonetic launched a similar solution for the stock markets last month.
"We're in two major banks already, and now we're offering it to the world," Richards says.
The initial roll-out will involve seven cities (New York; Boston; Mexico City; Santiago, Chile; London; Tokyo; and Madrid), and five languages (Portuguese, Spanish, Italian, French, and English), according to Richards.
Fonetic's speech analytics solution is powered by Genesys' SpeechMiner platform.
Linguistics-based speech and text analytics software analyzes trading floor conversations.