Financial Call Recording

Legacy voice data can be challenging for organisations – often difficult to keep track of, manage, and adhere to regulatory demands. Nevertheless, there are a few key steps that can be taken to simplify legacy voice data management.  1. Consolidate your View of your Legacy Voice Data For organisations with considerable legacy voice data estates, one of the biggest challenges is keeping tabs on many different storage solutions that may be in use simultaneously. Because the nature of voice recording...

Ever since Financial Services have used voice recording platforms they have had to put measures in place to ensure that their recording platforms are actually recording calls. It has never been a strength of recording vendors to ensure their systems can evidence this. Therefore, Financial organisations have had to use expensive technical resource and manpower to perform manual tests to ensure recorders are operating as expected at the start of each business day. This is driven by an increasingly stringent...

When organisations think about improving their business operations, a lot of the time they tend to overlook smaller things that could potentially have a big impact on the business. For example, integrating a call recording system is often one of those overlooked methods of improving a business.  Sometimes big business changes can be improved by what we like to call 'smart changes'; you will be surprised at the impact one change, such as installing a call recording solution, can have on your business.  Contact centres in particular, look for call...

As the New Year slowly creeps in, we thought it timely to update our article ‘Top 6 technologies that will drive recording compliance in 2017’, and look at it from a 2018 perspective. We’re excited about 2018. The FIFA football world cup is happening and, according to experts, Mars will be making its closest approach to Earth since 2003. Some exciting events to look forward to. And, let’s not forget MiFID II in January. As regulatory frameworks within the financial...

With regulators across different markets demanding for increased trade transparency and longer retention periods for call recordings; how can financial firms keep on top of their call recording estate? Not to state the obvious but, it won’t be long before MiFID II comes into effect in January 2018. It’s practically Christmas already. Data sits at the heart of these regulations. MiFID II aims to improve quality of advice and investor protections, and in doing so requires extensive data recording. Call...

Resilient plc and Business Systems have announced a strategic partnership to enable compliance with both GDPR and MiFID ll compliance solutions.These forthcoming regulations, due to come into UK law in January 2018 and May 2018 respectively, place great demands on organisations that need to record their business telephone calls, with significant penalties for firms that are non-compliant.The challenge these regulations place on businesses is that, in many respects, they appear to make competing demands. For example:Under MiFID II, firms need to...

Business Systems has won the award for Compliance Project of the Year at the FStech Awards 2017, with its Vocal Wordwach solution.Business Systems (UK) Ltd, leading compliance and performance optimisation solutions provider, announced that it has won the ‘Compliance Project of the Year’ award at the FStech Awards 2017. Now into their 17th year, the FStech Awards recognise excellence and innovation in the field of information technology within the UK and EMEA financial services sector. The Compliance Project of the...

With less than a year to go until the application of MiFID II, it is becoming increasingly clear that cultural change is being pursued by the financial regulators as a pressure mechanism to achieve systemic compliance. A characteristic example is that of W H Ireland Limited who, in February 2016, was fined by the FCA for failing to take reasonable care to organise, maintain and manage effective systems and controls to protect against the risk of market abuse. Poor governance...

Top 6 technologies that will help achieve the required levels of recording compliance for 2017 and beyond.

Business Systems' Will Davenport explains how award-winning Vocal Wordwatch can provide a viable, secure solution for legacy and live call replay from a single point of access. One of the reoccurring hot topics our clients are coming to talk to us about is Vocal Wordwatch; a legacy replay solution which helps organisations access old call recording data as well as replay live calls all from one portal, making the data mining process easier and more effective.Vocal Wordwarch is a modular...

Business Systems wins Recognised Leaders in Workforce Optimisation Solutions – UK award, where its unique Vocal WordWatch portal is recognised as Best for Call Retrieval & Replay Technology – UK    Isleworth, September 20 2016 – Business Systems announced today that it is among the winners of the coveted 2016 Technology Innovator Awards that recognise and reward the individuals, departments and firms behind the ground-breaking developments that change the way we do business for the better. The company, with its...

On the 21st-22nd of June we attended the Compliance and Conduct Risk in Financial Services Forum where we held a workshop session with our partners O2, showcasing how technology can help meet the ever changing regulatory and stakeholder demands without compromising compliance. We caught up with our guest speakers Garry White (Business Systems) and Mark Baggs (O2) who gave us an overview on what they discussed in their leading session “Evidencing the journey - Managing change without compromising compliance”. Garry...

How prepared are Financial Institutions in the UK to face the demands set by regulators? We've teamed up with Fintech Finance in an attempt to find out how prepared Financial Institutions really are, pin point some of the challenges the relevant teams face, and whether the demands set by the regulators is a much more challenging task than led to believe. Some of the questions we are trying to find answers to include: How prepared organisations are within the Financial...

Telco and IT Systems failure has never been a readily acceptable option for the financial community particularly now, given the Financial Conduct Authority’s (FCA's) increasing focus on regulatory compliance. With alarming regularity, fines are being issued by the FCA - this year levels are already in excess of £818 million*. For those firms such as trading floors or financial institutions, systems failure would not only result in substantial fines but also the probable destructive loss to business if trading were...

Do you know whether your older call recordings meet the PCI compliance requirements of today? If you’ve only just recently implemented a PCI Compliant call recording solution but still need to retain recordings where you took credit card data from customers a few years back, those legacy call recordings still need to meet PCI Compliance requirements. In other words sensitive customer credit card data should not be accessible by your business or your agents, regardless of how old the call...

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...

According to a recent best practice guide on ‘How to Ensure PCI DSS Compliance’ released by call recording specialists Business Systems, there is still a lot of confusion in the market about the implications for PCI compliance when recording calls. Any organisation taking sensitive data from a customer, in particular credit or debit card details has a duty to ensure they are taking every step possible to protect customers and their data from fraudulent use and identity theft and this...

With less than twelve months to go before a UK deadline on City securities firms, to deploy mobile call recording solutions under new regulations, the Financial Services Authority (FSA) told firms at Business Systems recent industry forum to start talking to technology providers to arrange “reasonable and adequate” solutions. Jocelyn McCafferty, a manager in the FSA’s Policy Conduct unit, discussing the cost/benefits, legal and timing issues around mobile recording in the UK, EU and internationally, told delegates: “This deadline is...

For those contact centres operating within the banking, insurance and loans sector, payment protection insurance (PPI) is the hot potato right now. On 20 April 2011 UK firms lost a judicial review that will have a major impact on compensation relating to the mis-selling of PPI. As a consequence banks and associated firms will now have to review past sales of PPI and use new guidelines to judge whether any policies have been mis-sold, regardless of whether or not customers...

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...

The question we got asked most frequently in 2009 had to be: ‘is my call recorder PCI compliant?’ Unfortunately there is not a simple ‘yes’ or ‘no’ answer to this question because the question itself does not correctly address the issue. The correct question is: ‘what do I need to do with my call recordings, systems and processes to ensure that I meet PCI compliance?’ That is a very different and far more complex question, the answer to which will...

The FSA have now formally announced that mobile phone conversations must be recorded in those situations where the content of the call deals with the receipt of client orders or the negotiation, agreement and arrangement of transactions across the markets dealing in equities, bonds, financial commodities and derivatives. View FSA Consultation Feedback & Final Rules > Available technology solutions Business Systems provide the leading compliant mobile call recording solution which can be deployed as either a hosted solution or onsite...

... to meet FSA mobile taping regulations. ISLEWORTH, LONDON UK – 30 March, 2010 - Financial institutions don’t need to invest in new call recording systems to comply with any future FSA mobile taping regulations according to independent City call recording specialists, Business Systems (UK) Ltd. Following the FSA’s recent decision to review the exemption on recording staff mobile phones, a number of technology providers have come forward with secure, tamper-proof mobile recording technology designed to meet future compliance requirements....

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...

VocalMobile Total Plan:- This service enables the recording of both incoming and outgoing calls to a mobile telephone. The VocalMobile Total Plan is ideal for organisations that need to comply with FSA or other regulatory bodies because it ensures the capture of all calls and becomes an invaluable audit tool. Business Systems handles the entire implementation of this service. VocalMobile Total Plan works with industry standard symbian compliant mobile phones; most new mobiles are symbian compliant but if yours aren't,...

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...