Compliance

There is still a lot of confusion surrounding what constitutes a PCI compliant call recording solution. As an independent provider of a number of PCI compliant solutions we are in a unique position to be able to review and assess the individual requirements of our customers and identify a compliant solution best matched to budget and need. Thanks to the recent addition of a hosted PCI payment solution to our portfolio in some cases there is no need to invest...

Update August 2016 - We’ve recently put together an updated article on PCI DSS Compliance. Check out our latest articles on this topic – The Insiders' Guide to Contact Centre PCI Compliance Pause and resume in call recording can help you meet your PCI compliance obligations, but ideally this needs to be an automated process rather than an agent triggered manual method. So it’s worth reminding ourselves of the three forms of automated methods that can be used in call recording...

Following my previous blog on PCI DSS Compliance, I had some push-back on my claim that confusion persists in UK organisations regarding call recording for PCI compliance. So it’s only fair and reasonable that I should justify my observations and explain precisely why I believe that some organisations still aren’t getting it. Business Systems specialises in call recording technology implementations and with 25 years’ experience as an independent provider we have pretty much designed, installed and provided on-going service delivery...

Confusion persists in UK organisations despite the fact that PCI DSS Compliance has been on our collective agenda since 2006. In our work in the sector, the areas where we encounter most confusion can be brought into focus with three key questions: What payment card information are we talking about? We’re talking about sensitive authentication data including the full magnetic stripe data, card validation codes or pin and on no account can organisations retain such information, in any format, even...

The Financial Services Authority (FSA) have raised their game in recent years tackling market abuse by targeting not just individuals but the firms implicated in cases. FSA fines issued in 2010 alone, reached £90 million and the trend seems set to continue. At a recent breakfast briefing, Business Systems invited Ian Mason, Partner at legal firm Baker & McKenzie LLP to highlight the challenges financial firms are facing when striving to achieve compliance. Transaction Reporting Transaction reporting is a hot...

Boston-based Eze Castle Integration, a leading provider of technology and IT services to hedge funds and investment firms, today announced a partnership with Business Systems, the United Kingdom’s largest and most established independent call recording specialist. Business Systems will support Eze Castle’s London-based clients call recording and archiving solutions to help them achieve total compliance with the Financial Services Authority’s March 2008 CP07/9 ruling that mandates investment firms to record conversations and maintain electronic records. The combination of Eze Castle’s...

Update August 2016 – We’ve recently put together an updated article on PCI DSS Compliance. Check out our latest articles on this topic – The Insiders’ Guide to Contact Centre PCI Compliance. Can we ever really believe our personal banking information is safe? The government can’t seem to manage it nor the private sector as Nationwide proved with their £1m FSA fine for security lapses. So where does this leave us? Visa and Mastercard have implemented their own measures to...

Business Systems’ hosting company OPEX has recently invested in technology from Compliant Phones which records both speech and SMS texts from mobile phones. The new technology forms an essential part of the company’s strategy of providing a tamper-proof solution for those organisations where compliance with FSA or best practice regulations are needed. The roll out of these applications is being fuelled by the growing need for organisations to record mobile phones as well as landlines. The drive is coming from...

The latest FSA ruling in relation to recording telephone calls for the UK financial markets hit the news in March. The updated statement outlined that brokers trading in stocks, shares, bonds and derivatives will be required to record telephone conversations and other electronic communications which relate to client orders and the conclusion of transactions to help deter market abuse. Highlights from the report are;- a deadline for compliance has been set for March 2009, the call retention period which some...

The ‘Markets in Financial Instruments Directive’ (MiFID) comes into force in November 2007. Those companies that are looking to comply with this directive will need to demonstrate that they have applied best efforts to give their clients suitable and appropriate advice. This will need to be evident with processes that show best execution, transaction reporting and record keeping. With the emphasis squarely on market transparency, firms will need to hold auditable transaction data and make provisions for regulatory reporting in...

Enhancements in Call Recording and Screen Capture technology provide a slicker and safer operating environment in the value-added world of Private Clients. Recording the telephone calls of Private Clients when advice is given is a well-established practice but in reality this is metaphorically only a half-way-house. The information on the banker's computer screen is important when giving best advice but if this is not recorded then a significant element of the decision-making criteria has been lost. By contrast recording the...