Why MiFID II will require a multi-channel approach
Today, businesses are likely to use multiple channels for communicating with each other, and with customers, partners and clients. Employees rely on a multitude of communications channels, including fixed and mobile phones, laptops and devices that support not only voice calls, but also email, SMS, VoIP and enterprise-based chat solutions, such as Skype for Business, in order to perform their daily tasks efficiently and smartly.
In addition, the BYOD phenomenon means that employees are often working remotely. All of this requires an infrastructure that supports multiple channels, both on-premise and remotely. So what does this have to do with MiFID II?
The Markets in Financial Instruments Directive II (MiFID II), and the accompanying Markets in Financial Instruments Regulation (MiFIR) took effect, with a zero-tolerance policy, on January 3, 2018. Ignoring it is not an option.
Significant challenges
One of the most significant changes to the existing MiFID rules was the need to record all communications – including fixed and mobile calls as well as electronic communications – that are intended to result in a financial transaction. Furthermore, all communications now need to be securely stored for 5 years in order to meet the compliance requirements.
Put simply, organisations need a multi-channel recording service that can record on-demand across fixed and mobile phones, PBXs, VOIP solutions, SMS and other electronic communications, such as email. The same platform must be secure, easy to implement, intuitive to use, cost effective, and with near-limitless storage capacity.
Unfortunately, many legacy systems and platforms, implemented to meet the original MiFID rules, are likely to be unfit for purpose, or require a substantial upgrade. For example, legacy solutions based on on-premise hardware, cannot record fixed, mobile and VoIP calls made by employees working from home, or remotely, and are essentially unfit for purpose. So what’s the answer?
An all-in-one, multi-channel solution
Touch Call Recording and Storage is an all-in-one, multi-channel, cloud-hosted service that can be integrated with hosted and on-premise PBX technologies, enterprise chat-based channels, and operator networks.
Our enterprise solution, PBX Recorder, integrates with multiple on-premise technologies, including Cisco, Mitel, Avaya, Unify, Alcatel-Lucent, and many others. Touch provides the PBX Recorder as a part of the complete service offering.
Touch also integrates with key business messaging and chat-based solutions, such as Skype for Business (hosted and on-premise), Bloomberg and Reuters. Touch Skype for Business Built-in Recorder supports all types of calls, including Skype-to-Skype calls, mobile Skype clients, conference calls and fixed line phone calls.
Meanwhile, our Touch Call Recorder Service records calls directly in the mobile network, with recordings securely transferred to Touch Storage via secure connections. We act as a certified partner for a growing number of mobile operators, including Telenor, Telefonica O2, AT&T, Phonero, ICE, Telavox and iQela.
Alternatively, we offer Touch Call Recorder Pro App, which records calls on mobile phones and operates independently of mobile operators and mobile subscription plans.
Touch Storage, meanwhile, instantly records calls and communications, encrypts them using a two-stage model that meets ETSI TR 102 661 standards, and then stores them in our database as metadata – meaning that no content is stored in the database. Files are then replicated to a second Disaster Recovery Site.
All in all, it means that Touch offers a secure, multi-channel communications recording service that covers all your bases. It’s been used in the UK and Norway by many of our customers for years to record fixed and mobile calls to meet existing MiFID rules, and so is a proven MiFID II-ready solution.
In addition, as it’s cloud-hosted, there is no need for large, costly and disruptive system replacements or upgrades.
Contact us now and find out how we can help you to comply with MiFID II, quickly, simply and cost effectively… and across all communications channels.
Data security – are your call recordings secure?
One of the main changes that will be introduced by the upcoming Markets in Financial Instruments Directive II, (MiFID II), and the accompanying Markets in Financial Instruments Regulation (MiFIR) will be a requirement for financial services companies and individuals to record all fixed and mobile calls, and other electronic communications intended to bring about a transaction, and store them for 5 years. Failure to comply will mean hefty fines.
MiFID II – Why you need to act now!
The Markets in Financial Instruments Directive II, known as MiFID II, and the accompanying Markets in Financial Instruments Regulation (MiFIR) took effect, with a zero-tolerance policy, on January 3, 2018.
