Verint® Systems, Inc. today announced its collaboration with Truphone, a global mobile network and leading provider of mobile recording solutions in the UK, US, Hong Kong, Spain and Australia.
As part of the partnership, Verint and Truphone have successfully completed compatibility testing of their financial compliance solutions. The result is an integrated solution that records, indexes and retrieves mobile and fixed-line communications on a single platform to help financial institutions comply with international recording regulations. By deploying this solution, organisations can help mitigate breaches of internal rules and fraud, and improve general trading floor behaviour, while saving man-power and money normally spent on policy enforcement.
Regulations, such as the Dodd-Frank Wall Street Reform and Consumer Protection Act and regional rulings, including those set by the Financial Conduct Authority (FCA), require financial institutions to record all forms of relevant communications. The regulation also states that stored recordings must be searchable, securely held and retrievable in a timely fashion.
Due to rising pressures from regulators and more rigorous internal process requirements, financial institutions are looking to make their capture and analysis of relevant information more comprehensive and efficient. The integrated solutions will enable financial institutions to search, categorise and report on voice communications.
“Compliance officers at financial institutions face ever growing demands from industry regulators and the complexities of meeting these requirements are putting them under great pressure,” explains Robert Simpson, vice president, financial trading, Verint Systems. “The combined capabilities inherent in Verint and Truphone’s technologies will enable organisations to significantly broaden and deepen their monitoring activities, regardless of which communications channel is used on the trading floor.”
Paul Liesching, director of enterprise solutions and partners, Truphone, comments,“Most leading firms are now compliant with the regulation in at least one jurisdiction; however some have found the complexities of integrating their fixed line and mobile a barrier to fulfilling their obligations especially across international borders. Working with Verint helps enable Truphone to plug that compliance gap.”
With the combined Truphone Mobile Recording, Verint Recording™ and Verint Voice of the Customer Analytics™ solutions, institutions can implement a proven and patent-protected recording infrastructure with a single user interface, enabling enterprises to become compliant with the regulations.
Further, Verint Speech Analytics™ and Verint Text Analytics™ solutions can help them analyse and manage large volumes of data to surface rising trends, detect anomalies, and identify areas of opportunity and improvement. Through contextual cues and smart logic options, interactions across all channels throughout the entire trading cycle can easily be found and retrieved.
Truphone Mobile Recording integrates with the Verint Recording engine to pass the calls into the on-premises voice recording platform allowing integrated dealerboard, PBX and now mobile recordings to be indexed, archived and analysed as a cohesive whole. This plugs a gap in existing compliance solutions, which were previously unable to easily monitor mobile traffic.
Unlike common market approaches to recording, such as banning mobile usage or implementing app-based solutions that produce significant call delays and risk poor user experiences, Truphone Mobile Recording is a network-based solution that facilitates global compliance. Built on patented technology held within the Truphone global mobile network, it enables international collaboration, productivity and enterprise mobility.
Truphone (truphone.com) is the only mobile operator in the world that expands the reach of businesses beyond the borders of their home country. Truphone achieves this by providing multiple international numbers on a single SIM, enabling businesses to make international calls that are treated as local calls and providing contacts a direct way to get in touch on a local number. Truphone Mobile Recording helps organisations record, encrypt and store all their calls using their existing IT infrastructures or in a secure managed cloud storage unit. That means they can meet corporate governance guidelines and comply with regulations like the FCA in the UK and Dodd-Frank in the US all without making big changes to their IT setup. And because it’s based on Truphone’s global mobile network, Truphone Mobile Recording customers can enjoy clearer calls, faster downloads and lower rates in over 200 countries around the world. With headquarters in London, Truphone has offices across 4 continents and continues to expand globally. Its clients include FTSE 100 and Fortune 500 companies across multiple sectors.
About Verint Systems, Inc.
Verint® (verint.com) is a global leader in Actionable Intelligence® solutions. Actionable Intelligence is a necessity in a dynamic world of massive information growth because it empowers organisations with crucial insights and enables decision makers to anticipate, respond and take action. Verint Actionable Intelligence solutions help organisations address three important challenges: customer engagement optimisation; security intelligence; and fraud, risk and compliance. Today, more than 10,000 organisations in over 180 countries, including over 80 percent of the Fortune 100, use Verint solutions to improve enterprise performance and make the world a safer place.
This press release contains forward-looking statements, including statements regarding expectations, predictions, views, opportunities, plans, strategies, beliefs, and statements of similar effect relating to Verint Systems Inc. These forward-looking statements are not guarantees of future performance and they are based on management's expectations that involve a number of risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. For a detailed discussion of these risk factors, see our Annual Report on Form 10-K for the fiscal year ended January 31, 2014 and our Quarterly Report on Form 10-Q for the quarter ended July 31, 2014 and other filings we make with the SEC. The forward-looking statements contained in this press release are made as of the date of this press release and, except as required by law, the Company assumes no obligation to update or revise them or to provide reasons why actual results may differ.
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