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

Truphone Provides Solace For Industry BlackBerry Users

Subscribe to our newsletter

The business world, and particularly the financial industry with its stricter security needs to protect trading communications, has not been as quick as consumers to give up on BlackBerry, but has also needed a way to retain SMS text message communications.

Last week’s launch by mobile network and mobile recording provider Truphone of its SMS recording service for all devices, including Android and iPhone, makes it easier for financial firms to cope with the decline of BlackBerry, while retaining the same level of security, as Paul Liesching, global head of financial markets at Truphone, explains.

“Enterprise security measures have been applied as a secondary consideration and as a result the ability to record SMS has been overlooked — and difficult or impossible to apply retrospectively,” he says. “The only way to record Apple SMS is from the core of the network. It is possible to record Android SMS but only via an application which is difficult to support and manage — and can potentially be circumnavigated.”

In a manner similar to Apple SMS texts only being possible to capture from a core of a network, Truphone controls its own global mobile network, and therefore can capture SMS texts at the core of that network, according to Liesching. As a result, it does not matter what smartphone handset is being used.

Aside from the ability to archive SMS texts that concern trading or transactions for a firm’s internal purposes, regulations require recording and storage of all such communications, Liesching notes. The UK’s Financial Conduct Authority and the US Commodity Futures Trading Commission have such rules, and the European Union’s upcoming MiFID II regulation contains similar provisions.

“Because all financial institutions have been BlackBerry users, SMS communication has been recorded by default,” says Liesching. “When these organisations move to Android and Apple, their compliance departments require continuity of record keeping and therefore need to continue to record SMS.”

Truphone officials said at the time of the launch that a US Tier 1 investment bank had signed on to use the service.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Best Practices for Managing Trade Surveillance

The surge in trading volumes combined with the emergence of new digital financial assets and geopolitical events have added layers of complexity to market activities. Traditional surveillance methods often struggle to keep pace with these changes, leading to difficulties in detecting sophisticated market abuses and increased regulatory risk. To address these challenges, financial institutions are...

BLOG

big xyt Enters Bidding to Become EU Equities and ETFs Consolidated Tape Provider

Data analytics specialist big xyt has formally declared its intention to compete for the role of official provider of the EU Consolidated Tape (CT) for equities and ETFs, under the selection process overseen by the European Securities and Markets Authority (ESMA). big xyt’s entry into the process comes amid industry concerns over a lack of...

EVENT

Data Management Summit London

Now in its 16th year, the Data Management Summit (DMS) in London brings together the European capital markets enterprise data management community, to explore how data strategy is evolving to drive business outcomes and speed to market in changing times.

GUIDE

The DORA Implementation Playbook: A Practitioner’s Guide to Demonstrating Resilience Beyond the Deadline

The Digital Operational Resilience Act (DORA) has fundamentally reshaped the European Union’s financial regulatory landscape, with its full application beginning on January 17, 2025. This regulation goes beyond traditional risk management, explicitly acknowledging that digital incidents can threaten the stability of the entire financial system. As the deadline has passed, the focus is now shifting...