Mobile Phone Recording

Mobile phones are becoming the business norm as professionals need to work more flexibly and responsively. Nokia estimated that mobile calls exceeded fixed line in business during 2007. Compliant Phones Ltd offer solutions that enable Banks, traders, and others with call recording requirements, to work more efficiently and flexibly by enabling mobile phone recording for their workforce. Our mobile phone recording solutions can work with your existing on-site recording solutions, or can be fully hosted in a secure site.

As well as improving productivity, responsiveness and flexibility of professionals, the Compliant Phones Solution can provide a key part of a business continuity strategy, and offer real competitive advantage. For example if a key building is closed by an emergency, Compliant Phone users can carry on trading, knowing that their calls are compliant.

The UK Financial Services Authority has recently (March 2008) published proposals (PS08/01) to mandate recording of voice calls for trading purposes for the first time. Recording mobiles phones is clearly on the legislative agenda and many financial institutions are looking to the competitive advantage of using mobiles to be more flexible and responsive now that recording is readily achieved. 

Along similar lines, The EU Markets in Financial Instruments Directive, MiFID, sets a general record keeping requirement for electronic communications. Compliant Phones' solutions enable firms in Europe to meet their obligations under MiFID for mobile phone recording.

In the future, policies banning the use of mobiles for trading may no longer be adequate defence. Compliant Phones Ltd enables your firm to record any mobile phone conversations where transactions may be involved. 

Using our system you can:

• Record all  mobile phone calls, incoming and outgoing.
• Record and capture all incoming and outgoing text messages
• There is no need to change your existing mobile supplier
• Available on a wide range of phones, including Blackberry
• Recordings can be easily and securely retrieved and replayed by an Administrator
• Scalable - Modular design and open architecture meet evolving needs, including expanding capacity
• Available as a secure hosted service, or integrated with your existing recording system

 Our solutions are easy to use and as straightforward as making and receiving a call on your mobile. They work wherever you take your mobile phone

We also offer a solution to record text messages for compliance purposes.

Compliant Phones have a number of industry leading partners who can be involved in the supply of your solution.
 

 USAGE CASES FOR MOBILE PHONE RECORDING

• SUB-PRIME LENDING

Not a regulatory requirement. CRM staff have contact with clients by mobile. In the event of a dispute, some clients in this sector tend to deny anything that does not suit their case. Business case based on cutting cost of disputes.

• PRIVATE CLIENTS

A Private Banking subsidiary maintains relationships with high net worth individuals by mobile, conveying the personal touch. Regulatory changes mean that such conversations will need to be recorded.

• NEW MARKETS

Specialised traders in certain markets (eg energy) are starting to come into the regulatory framework, but need to be able to work in between multiple locations. Their emerging compliance needs mean that their mobiles have to be recorded.

• DISCRETIONARY INVESTMENT MANAGEMENT

Clients wanted to receive notifications of investment actions or questions by text on their mobiles. These need to be recorded.

• BUSINESS CONTINUITY MANAGEMENT

Financial Institutions are vulnerable in the case of a major emergency in a trading centre such as the City or Docklands. There can be a time delay before staff can reach BCM facilities. Markets can show extreme movements in these circumstances. Recording mobiles means that compliant trades can be made without delays making trading positions less vulnerable to huge losses.

• FLEXIBLE WORKING

In 2007, over 50% of phone calls originate on a mobile and the figure is growing fast. Use of mobiles is becoming the norm for most businesses where personnel are not confined to a single location. Banks who do not provide means to make compliant calls on mobiles report difficulty in enforcing compliant behaviour. Now that mobile call recording is available, it may be a less effective defence to claim that a compliance breach was down to an individual not following policy, by using their mobile.

Real time applications can deliver “up to the second” information to mobile devices, such as BlackBerry, enabling decisions and actions to be made from a variety of locations.

Some clients are looking at using mobile phone recording to support requirements under the Flexible Working Directive, particularly to enable parents to work more flexibly away from the office.

• LONE WORKER PROTECTION

Some users work in separate business units or in locations away from the main business, even on separate continents. This can pose challenges for inclusion in conventional fixed call recording systems. Small, affordable mobile phone recording implementations can provide an effective voice compliance solution that also delivers flexibility.

A precious metal extracting company has gold traders needing to make spot trades from various locations. A compliant mobile solution is essential for them.