About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

SteelEye Partners with TeleMessage to Solve the Mobile Communications Conundrum

Subscribe to our newsletter

Recent regulations, including MiFID II, have introduced highly prescriptive rules about the recording, storage and access requirements of voice and electronic communications relating to financial dealings. With all relevant telephone conversations and electronic communications now required to be recorded – including those which take place on mobile phones – surveillance technology is not only a priority but a necessity.

For email and landline communications, the situation (and the solution) is relatively straightforward. But the sophisticated – and often encrypted – world of mobile communications presents a major challenge, and one that needs to be urgently addressed.

Institutions that fail to properly monitor mobile communications face severe consequences, and as a result, firms are taking no prisoners when it comes to compliance. Last week, JP Morgan suspended a senior credit trader in New York, for using Whatsapp to communicate with colleagues. In August last year, KPMG’s head of financial services in the UK was dismissed in a Whatsapp row. And in September, the FCA brought its first ever prosecution for the destruction of documents under the Financial Services and Markets Act 2000 against Konstantin Vishnyak, formerly of VTB Capital, for obstructing an insider dealing investigation by deleting Whatsapp messages.

But many firms have struggled with how to monitor and capture the wealth of communications channels used on mobiles and how to manage the behaviours often used on these devices. These challenges are magnified when firms use a BYOD (‘bring your own device’) policy – with the FCA, among other regulators, increasingly investigating the relating risks. Many banks have taken the easy route of a blanket ban on mobile devices on the trading floor – but, as we saw with Edward Koo at JP Morgan last week, this doesn’t solve the problem of external communications, while in terms of customer service, many clients expect a level of responsiveness that can only be achieved with mobile devices. So how can firms effectively and compliantly monitor and capture mobile communications?

Data analytics and compliance specialist SteelEye believes it has the answer. The firm has teamed up with communications technology firm TeleMessage, which enables financial firms to communicate freely via mobile channels whilst complying fully with FCA and MiFID II requirements. The partnership allows TeleMessage clients to integrate their mobile communications with SteelEye in real-time – covering both corporate and BYOD phones for Android and iOS devices across all mobile carriers, and including voice calls, SMS, MMS and WhatsApp chats and calls.
All mobile data from TeleMessage is ingested, indexed and compliantly stored within SteelEye in line with record keeping obligations under MiFID II and other global regulations. The data is also made instantly available for use within SteelEye’s RegTech solutions for transaction reporting, trade and communications surveillance and best execution.

“Over the past five years, mobile reporting requirements have become increasingly granular and onerous,” says Matt Smith, CEO of SteelEye. “By integrating TeleMessage’s mobile archiving solution on the SteelEye platform, we enable clients to address these requirements in an increasingly straight forward and cost-effective way. Further, the ability to monitor mobile communications alongside other financial and regulatory data is an opportunity to gain enhanced business insight.”

Subscribe to our newsletter

Related content

WEBINAR

Upcoming Webinar: How to ensure employees meet fit and proper requirements under global accountability regimes

Date: 17 September 2024 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes Fitness and proprietary requirements for employees of financial institutions are not an option, but a regulatory obligation that calls on employers to regularly assess employees’ honesty, integrity and reputation, competence and capability, and financial soundness. In the UK, these...

BLOG

CTM Debuts New Tri-Party Matching Workflow for Prime Brokers with Société Générale as First to Go Live

The Depository Trust & Clearing Corporation (DTCC), the leading provider of post-trade market infrastructure for the global financial services industry, has announced Société Générale as the first Prime Broker to adopt the Central Trade Manager’s (CTM) automated tri-party trade matching workflow. This development comes as the financial services sector worldwide braces for T+1 and more...

EVENT

RegTech Summit New York

Now in its 8th year, the RegTech Summit in New York will bring together the regtech ecosystem to explore how the North American capital markets financial industry can leverage technology to drive innovation, cut costs and support regulatory change.

GUIDE

Complex Event Processing

Over the past couple of years, Complex Event Processing has emerged as a hot technology for the financial markets, and its flexibility has been leveraged in applications as diverse as market data cleansing, to algorithmic trading, to compliance monitoring, to risk management. CEP is a solution to many problems, which is one reason why the...