BT has formed partnership with Truphone to market mobile recording service for mobile devices to support US firms’ compliance with new financial markets regulations called for by the Dodd-Frank Wall Street Reform Act.
BT estimates that 50,000 to 70,000 mobile phone subscribers in the US could be covered by the Dodd-Frank Act and similar future regulations. The Act mandates that companies operating or doing business with an organization in the U.S for certain regulated trading activities have to record all communications from mobile devices that lead to a trade. The information should be retrievable in the future.
The Truphone Mobile Recording service will be offered by Truphone along with BT’s management services. The relationship will take advantage of BT’s experiences in offering similar services in the UK.
The mobile recording service requires a subscriber to install a Truphone SIM (subscriber identification module) card into an unlocked mobile phone. Recorded calls are then stored in a secure cloud based environment and can be quickly and easily searched and retrieved, supporting financial services firms to meet their compliance obligations.
Tom Regent, president, global banking and financial markets, BT, said, “As the Dodd-Frank Act and future regulations come into force, financial services institutions need technology partners who can act as a safe pair of hands to help them navigate successfully through the compliance maze and in a timely manner.”
“BT’s knowledge and experience of helping financial institutions address their global compliance and regulation obligations, combined with the power of Truphone’s solution, means we are ideally placed to help our customers,” Regent added.
BT already has experience helping a number of UK financial services firms impacted by the Financial Conduct Authority recording requirements for mobile devices to comply with the regulations. Solutions delivered by BT and Truphone are the easiest and most logical ways to record mobile devices, industry experts said.
Truphone Mobile Recording solution is already used by many of the biggest banks in the world, Truphone officials said. The solution can support any Global Certification Forum (GCF) certified mobile handset or operating system and uses Truphone’s unique integrated global network and technology to enable the recording of calls without delays or disruption.