BT, Truphone Partner on Mobile Recording Solution
BT has partnered with mobile phone services provider Truphone to market a mobile recording service for U.S. financial firms to comply with federal regulations contained in the Dodd-Frank Wall Street Reform Act.
Under the "oral recordkeeping" requirement of the act, all companies operating or doing business with U.S. firms for certain regulated trading activities must record all phone and text communications—including those on mobile devices—that lead to a trade. This information must be stored for a year in a retrievable format that can be easily searched. Relevant recorded conversations, voicemail, and text messages need to be supplied to the Federal Trade Commission within 72 hours of the initial request.
Truphone Mobile Recording captures all voice and SMS traffic within the network. Truphone Mobile Recording features a Mobile Compliance Layer that makes the platform customizable to the needs of a business, capturing data to either secure Truphone-hosted data centers or an external facility of the customer's choice. State-of-the-art data encryption keeps recordings secure, and a Web-based portal allows secure access from anywhere.
The application supports a wide range of handset types, including Android, iOS 6, and BlackBerry 10 devices. The mobile recording service only requires a subscriber to install a Truphone subscriber identification module (SIM) card into an unlocked mobile phone.
Recording takes place invisibly, with no apps or new phones required. The app is available over a global network that covers roughly 200 countries.
In 2011, BT launched a mobile recording service in the U.K. to help financial organizations meet Financial Services Authority call recording regulations. Its solutions are now installed on more than 5,000 handsets in the U.K.
That, Tom Regent, president of global banking and financial markets at BT, says, uniquely positions the company to help U.S. customers. "As the Dodd-Frank Act and future regulations come into force, financial services institutions need technology partners who can act as a safe pair of hands to help them navigate successfully through the compliance maze and in a timely manner," he states. "BT's knowledge and experience of helping financial institutions address their global compliance and regulation obligations, combined with the power of Truphone's solution, means we are ideally placed to help our customers."
Even Paul Liesching, senior vice president of Truphone Mobile Recording, acknowledged BT's position in this area. "We have embarked on this unique relationship with BT because of their strength and presence in the global financial markets," he said. "By working together to offer Truphone Mobile Recording to the U.S., we can continue to help firms meet industry regulations quickly and easily, as well as helping subscribers to be more productive."