Actiance Helps FinServ Companies Meet MiFID II Compliance Challenges

Actiance, a provider of solutions for communications compliance, archiving, and analytics, is teaming with top telecommunication solution providers Movius, Red Box, and artificial intelligence vendor Veritone to deliver a holistic, integrated offering to meet customers’ requirements for voice compliance.

Under Markets in Financial Instruments Directive (MiFID) guidelines, set to take effect in January, financial services firms must gather all communications related to a trade upon the request of a regulator, including relevant unstructured records such as email, IM, social media and voice communications.

One of the most technically challenging kinds of communication data is voice communication, as poor quality, dialects, transcription and storage requirements that are roughly 1,000 times larger per element, complicate the process. Furthermore, even when conversations are accurately captured, it can be difficult to discern their context.

While many banks are already archiving landline and turret communications, they’re now required to do the same for mobile, as well as capture a wide array of context for each conversation. Meeting MiFID II requirements such as these presents a technical challenge that thousands of organizations are now struggling to come to terms with, as several surveys indicate that as many as two-thirds of companies are not ready for MiFID II.

Working with Movius, Red Box, and Veritone, Actiance is now making it possible to automatically record, store, archive, quickly retrieve, translate and analyze in their original context all voice communications coming through all mobile and landline source, and even supports BYOD policies.  

Actiance will work with its partners to provide a voice compliance solution that provides a full view of all conversations happening in all channels, and the ability to proactively control and, as necessary, prevent them; identifies areas of risk and sensitive information that’s not being managed in accordance with regulatory or governance policies; enables rapid response to regulatory inquiries, such as those stemming from MiFID II; and goes beyond traditional archiving solutions to offer the full contextual picture of conversations that may happen across multiple mediums across lengthy timeframes.

With the new partnership Actiance is extending its own compliance and archiving platform to deliver a reliable and efficient technology solution to conduct oversight of a firm’s electronic communications in one place.

Movius provides a cloud-based service that enables individuals and financial institutions to achieve regulatory compliance for their mobile business communications. The solution offers a separate corporate number on employee devices for calls and texts to deliver a complete BYOD enabled solution in support of compliance. The Movius and Actiance partnership brings together two leading platforms to provide global financial services firms with a full range of options in an end-to-end solution.

Red Box Recorders is a provider of communication recording solutions. Seamless integration with the Actiance compliance and archiving platform will deliver the guaranteed voice capture needed to meet strict compliance regulations and standards around the globe.

Veritone is an artificial intelligence company that has developed the platform, aiWARE platform, which uses AI-based cognitive computing to transform and analyze unstructured public and private audio and video data for clients in a variety of markets, including media, politics, legal and government. The open platform integrates an ecosystem of best-of-breed cognitive engines and applications, which are orchestrated together to reveal valuable, multivariate insights. aiWARE delivers insights by unlocking data from linear files such as radio and TV broadcasts, surveillance footage and public and private content globally. The Actiance platform will leverage Veritone’s NLP capabilities to translate audio data from over 100 languages for analysis, with near-perfect accuracy.  

The new partners join others in the Actiance Partner program including Fonetic, Hootsuite, IPC, Red Owl, Technically Creative, and VerQu.

For more information, go to www.actiance.com.