Core Capabilities of a Compliant Voice Call Archiving Solution

A crucial step in meeting the MiFID II archiving requirements is selecting and implementing the appropriate voice call recording technology. But how can one be sure they choose the proper vendor to support your compliance when so many are available on the market? How can one tell if the one already chosen complies with the strict guidelines of this keen financial regulation?

That said, choosing a mobile archiving software that will satisfy compliance demands will be very challenging if one has no prior knowledge of what to search for. Therefore, to assist you with this process, we’ve listed below the fundamental features a voice call recording and archiving solution must have:

Fast Implementation and Scalability

As long as software and hardware installation could interfere with your operations and compliance procedures, mobile phone call recording solutions should be simple and quick to set up.

It’s also crucial that it can interface with other best-in-class solutions and scale with the constantly evolving requirements to keep your business one step ahead of regulatory compliance and prevent problems brought on by vendor lock-in.

Encrypted Archiving Database

MiFID II stipulates that call archiving records must be preserved for five years following the completion of the transaction and in a format that prevents the original document from being changed or removed.

You must ensure that your solution employs end-to-end encryption to transport the recordings from your mobile device to your archiving database to store recorded calls securely. The database must also be securely encrypted to safeguard the recordings from a possible data breach.

High-Quality Audio Data Capture

For a quicker and more effective investigation and audit process, financial companies are required by SEC and FINRA under Article 72 to secure the quality, accuracy, and absoluteness of the records of all mobile phone recordings and electronic communications.

As a result, your phone call archiving system must be able to record audio in evidential-grade quality. With that capability, you will be able to use call records for speech recognition that are more accurate, which will also allow you to more effectively monitor the discussions of your employees and identify suspicious activity and behavior as it happens in real-time.

In the rapidly changing and highly regulated financial sector, a voice call archiving solution like TeleMessage that can offer this degree of flexibility, accessibility, security, and compliance is simply a requirement.