The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

Fonetic and Tango Team to Deliver Dodd-Frank Compliant Voice Recording and Speech Analytics Solution

Fonetic, a provider of voice recognition and linguistics analytics, has set up a partnership with Tango Networks, a provider of business mobility services, to offer a mobile voice recording and speech analytics system designed to help financial institutions meet voice compliance requirements on the trading floor. The solution is a server software overlay that can be used to search for voice recordings, chats, emails and attachments, and analyse their content to find key components in a conversation.

Simon Richards, CEO of Fonetic, says that compared to transcription-based services offered by competitors, the Fonetic and Tango solution provides a much higher success rate based on a more accurate understanding of inflection. This is achieved by analysing a complete data set rather than using a keyword search and allows firms to find relevant conversations even when key topics have not been mentioned specifically. With many calls and emails barely referencing original source material or unlikely to mention the specifics of a deal, he notes that this is crucial for firms to find the information they need for compliance purposes.

He explains: “Our solution means banks can become Title 7 compliant under Dodd-Frank. The reason they can become compliant is that the Title says a bank must be able to provide, on demand, in 14 hours, all calls pertaining to swap derivatives, whether or not they were completed trades. The banks have 14 hours to find the calls. If you take a bank that has 2,000 traders working across the globe eight hours a day, that’s about 2.6 million hours of conversation recorded from calls. We can find the calls in about two minutes.”

Fonetic takes a hardware agnostic approach to provide a Dodd-Frank Title 7 solution that can be connected to the front office, allowing firms to perform a full reconstruction of a trade with pre-trade, during and post-trade information. Looking forward, Richards says Fonetic’s goal is to expand its biometric capabilities, with recent voice developments allowing it to differentiate individual callers, identify counterparties and conduct further analysis. He concludes: “Dodd-Frank Title 7 is the tip of the iceberg. There is also Dodd-Frank Title 10 on the retail side and Tier 2 banks and major corporates that trade their own commodities and could use our technology.”

Related content

WEBINAR

Upcoming Webinar: Infrastructure monitoring: mapping technical performance to business performance

Date: 8 July 2021 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes It’s a widely recognized truth that if you can’t measure something, you can’t improve its performance. As high-performance connectivity technologies have established themselves in the mainstream of financial firms’ trading architectures, the ability to monitor messaging and data infrastructures...

BLOG

Why the Future of FX is in the Cloud

By Vikas Srivastava, Chief Revenue Officer, Integral. The momentum behind cloud in financial services is building, and quickly. With big names such as IBM moving into the space, it signals that this is the future of financial markets infrastructure. Looking specifically at FX, there are many reasons to believe that firms are shifting towards this...

EVENT

Data Management Summit London

The Data Management Summit Virtual explores how financial institutions are shifting from defensive to offensive data management strategies, to improve operational efficiency and revenue enhancing opportunities. We’ll be putting the business lens on data and deep diving into the data management capabilities needed to deliver on business outcomes.

GUIDE

RegTech Suppliers Guide 2020/2021

Welcome to the second edition of A-Team Group’s RegTech Suppliers Guide, an essential aid for financial institutions sourcing innovative solutions to improve their regulatory response, and a showcase for encumbent and new RegTech vendors with offerings designed to match market demand. Available free of charge and based on an industry-wide survey, the guide provides a...