- Survey shows two thirds of financial institutions not compliant with regulation
- Cost cited as the final major barrier to adoption
Truphone, the global mobile network and leading provider of mobile recording solutions, today announced it will be offering unlimited voice and SMS recording as part of a global drive to help financial institutions comply with mobile voice recording regulations.
The move follows independent revelations last week that the majority of regulated firms are yet to become compliant, citing expense of implementing recording solutions as the biggest obstacle. Truphone’s new mobile recording offering is designed to help ease the cost of compliance for financial organizations, as they look to remain compliant in today’s highly regulated market.
Rik Turner, Senior Analyst at Ovum, said: “Our research has found that only 33% of UK banks are compliant with regulations, citing cost as the main reason for not implementing mobile recording solutions.” He continued, “They often forget that a single fine from the regulator far outweighs the cost of a mobile recording solution. These solutions not only help banks stay compliant, but bring in more business by enabling traders to continue doing business on the go. Truphone understands this, and is offering banks a cost-effective mobile recording solution.”
Unlike common market approaches to recording, such as banning mobile usage or implementing app-based solutions that produce significant call delays with poor call quality, Truphone Mobile Recording is a network-based solution that facilitates global compliance. Built on patented technology held within the Truphone global mobile network, Truphone Mobile Recording enables international collaboration, productivity and enterprise mobility.
Paul Liesching, Director of Enterprise Partners and Solutions at Truphone, said: “Truphone has built a network, an infrastructure and a solution that works on a global scale. It helps customers rapidly comply with emerging regulations while enabling greater mobilization, which is why five of the world’s largest investment banks use this solution.” He continued, “In response to market demand, we are pleased to make Truphone Mobile Recording accessible to more customers, in order to ease the burden of regulatory requirements and facilitate greater compliance.”
With Truphone Mobile Recording, companies in the financial sector can store and encrypt all calls and texts, allowing banks to quickly and easily reconstruct a trade if required to by the regulator. The new pricing plan from Truphone for its Truphone Mobile Recording solution will be priced at £45 per user, per month for a domestic plan and £55 per user, per month for a global plan, with unlimited voice, text and up to 1GB of data. The limited-time offering will run until June 30, 2014.