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Etrali Trading Solutions and EE Develop New Mobile Voice Recording Offering

Etrali and EE announced UK’s first network-integrated service that fully complies with FCA mobile trading regulations.

Technology behind mobile recording has progressed fantastically over the past few years. Clunky three-way lines and virtual operator are still admittedly compliant, but come with seconds of delay that are inherently inconvenient, and increasingly intolerable. Expectations have changed, and new solutions like Etrali Trading Solutions and UK's biggest mobile service provider EE's jointly developed mobile voice recording offering is prepped to fill the void.

"Mobile Voice Recording works with any handset and, because it is embedded within the EE network, it automatically records all calls without the user having to do anything," explains the press release. "Users don’t need to open apps to access the service or remember to dial prefix numbers before making calls, reducing overall call costs."

The 'In the City' strategy targets city-based financial service firms in the UK, integrated to comply with the FCA mobile trading regulations.

Robert Powell, global head of compliance at Etrali Trading Solutions explains in a phone interview that the process is almost indistinguishable from the normal mobile call experience. "Once the sim card is enabled for recording, when the phone call is made the intelligent device will route the call to a Etrali recording platform." Etrali will begin to take the record and turn it back to EE for call completion.

Many banks are already invested in recording and capture technology, so Etrali can stream the call live down to them. "In this case we don't store any of that data, we record until it's finished streaming, and then we remove the encrypted recording from our services… Most tier 1s do that because they've already invested millions in recording infrastructure." Another option is private cloud storage, through which a compliance office can log in with two factor authentication to access. This is typical of more reactive companies.

The join project began in November of 2011 and Powell says it has taken a huge effort from both Etrai and EE to make it the "Rolls Royce of premium solutions in the market." The greatest technology challenge was the interconnect between their systems and building a fail-safe.

Looking Ahead

The most important driver of this development is the adoption of new regulations. While the CFTC only cares about swaps today, in time it will cover the entire financial arena, predicts Powell. "The SEC is keen to work towards recording certain conversations for a number of years now because quite often an investigation will come to an end point when the people involved stop putting things in writing and get on a call… Quite often there is a level of frustration when the SEC would like to have recorded mobile phone calls."

He adds the next real challenge will be moving customers (the financial institutions who own the devices) onto EE sim cards and away from legacy applications.

Etrali has global platforms and is currently testing interest in mobile recording solutions in the US with four tier-1 financial institutions using virtualized network carriers. Becca Lipman is Senior Editor for Wall Street & Technology. She writes in-depth news articles with a focus on big data and compliance in the capital markets. She regularly meets with information technology leaders and innovators and writes about cloud computing, datacenters, ... View Full Bio

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Robert Powell, Etrali
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Robert Powell, Etrali,
User Rank: Apprentice
10/25/2013 | 9:47:43 AM
re: Etrali Trading Solutions and EE Develop New Mobile Voice Recording Offering
In response to the new rules Dodd-Frank is imposing at the end of 2013 around mobile recording, Etrali launched its CFTC compliant mobile recording platform in New York in June 2013. The new regulatory climate is driving financial institutions to adjust their operations in order to be compliant creating a new challenge for the industry.
IvySchmerken
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IvySchmerken,
User Rank: Author
10/23/2013 | 7:28:07 PM
re: Etrali Trading Solutions and EE Develop New Mobile Voice Recording Offering
I agree, it's a terrific blog! I wasn't aware that the CFTC amended the mobile recording reg under Dodd Frank in Dec. 2012 to include oral communications. So now firms must record all relevant electronic communications including text and voice messages. If firms haven't done anything to prepare, the Dec. deadline seems daunting, though as BT/TruPhone points out, the technology is there.
Becca L
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Becca L,
User Rank: Author
10/23/2013 | 2:41:39 PM
re: Etrali Trading Solutions and EE Develop New Mobile Voice Recording Offering
Great point, Ivy. Due to regulations the UK is definitely ahead of the game in mobile recording technology, and there are many lessons US firms can learn from their trials and successes. It will be interesting to see, if/when the CFTC enacts similar legislation, if we'll be adopting UK tech or homegrown solutions.
Greg MacSweeney
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Greg MacSweeney,
User Rank: Apprentice
10/23/2013 | 10:18:49 AM
re: Etrali Trading Solutions and EE Develop New Mobile Voice Recording Offering
Great blog. The Dec 21 deadline for mobile recording compliance is right around the corner. Do you think firms will be able to meet the deadlines, or will there be another extension granted by regulators?
Luke Beeson
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Luke Beeson,
User Rank: Apprentice
10/23/2013 | 10:09:31 AM
re: Etrali Trading Solutions and EE Develop New Mobile Voice Recording Offering
This recent blog post might also be of interest to you both - With two months to go until the latest mobile recording compliance deadline this post looks at the requirements, if affected firms are prepared, and if not, what should they be doing to satisfy their regulatory requirements. http://letstalk.globalservices...
Gobnait_bt
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Gobnait_bt,
User Rank: Apprentice
10/23/2013 | 10:09:31 AM
re: Etrali Trading Solutions and EE Develop New Mobile Voice Recording Offering
This recent blog post might also be of interest to you both - With two months to go until the latest mobile recording compliance deadline this post looks at the requirements, if affected firms are prepared, and if not, what should they be doing to satisfy their regulatory requirements. http://letstalk.globalservices...
Greg MacSweeney
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Greg MacSweeney,
User Rank: Apprentice
10/22/2013 | 12:18:47 PM
re: Etrali Trading Solutions and EE Develop New Mobile Voice Recording Offering
Thank you for the information. After I left my comment, I started to do some googling, and I found BT's Unified Trading portfolio. In addition to Etrali and IPC.
ImranM059
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ImranM059,
User Rank: Apprentice
10/22/2013 | 8:29:55 AM
re: Etrali Trading Solutions and EE Develop New Mobile Voice Recording Offering
Hi Ivy, Orange Business Services-Trading Solutions actually rebranded to Etrali earlier this year. This solution is built on that technology,
Luke Beeson
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Luke Beeson,
User Rank: Apprentice
10/21/2013 | 4:28:56 PM
re: Etrali Trading Solutions and EE Develop New Mobile Voice Recording Offering
Hi Ivy and Greg, BT offers compliant communication solutions for mobile recording as part of the BT Unified Trading portfolio. This includes a solution to address both the Dodd Frank mobile record keeping requirements and the FCA directives. Happy to put you in touch with someone to talk about it if required - you can get me via LinkedIn. Gobnait from BT www.bt.com/unifiedtrading
Gobnait_bt
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Gobnait_bt,
User Rank: Apprentice
10/21/2013 | 4:28:56 PM
re: Etrali Trading Solutions and EE Develop New Mobile Voice Recording Offering
Hi Ivy and Greg, BT offers compliant communication solutions for mobile recording as part of the BT Unified Trading portfolio. This includes a solution to address both the Dodd Frank mobile record keeping requirements and the FCA directives. Happy to put you in touch with someone to talk about it if required - you can get me via LinkedIn. Gobnait from BT www.bt.com/unifiedtrading
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