TeleWare and Linx Networks Form Partnership
The Enron case in 2001 and the financial crisis of 2007/08 led to the enactment of some strong regulatory compliances for the financial industry, both in the U.S. and abroad. These compliances are fluid, meaning they change as new technologies and violations come to light. It is therefore incumbent on the companies operating in the financial industry to always be aware of the new rules. The new strategic partnership between TeleWare and Linx Networks has been formed in part in response to the compliance challenges.
TeleWare was one of the earliest companies to start using software-based cloud communications to overcome the limitations of hardware. The company now leverages the current software-defined systems to provide a range of services, including IVR, SIP Trunking, instant conferencing and multiple recording solutions, such as cloud call recording, Skype for Business recording, and mobile voice and SMS recording.
As part of the new partnership, the recording solutions from TeleWare will be integrated with Linx Networks' banking and financial IT services to offer companies in the industry the ability to make and receive calls on their mobile devices that are fully compliant with the Financial Conduct Authority (FCA).
With smart mobile devices now a critical part of workforce communications, they have to be as compliant as desktop telephony. The TeleWare SIM-based platform can record and store mobile voice and SMS traffic without affecting the call experience of individuals in the financial sector, such as traders. They will be able to conduct their business while still managing the security and policy controls that have been put in place by the regulatory bodies and the companies they work for.
The cloud-based recording platform not only addresses the challenges of meeting regulatory compliances financial institutions face, but it provides the flexibility and scalability needed to simultaneously record large numbers of employees, whether they are on premises or outside of the office.
Steve Haworth, CEO, TeleWare said, “The benefit of Linx Networks and TeleWare’s solution is that users will be able to make and receive calls on their mobile that are fully compliant with FCA regulations.”
According to Haworth, the upcoming MiFID II regulation will add yet another level of compliance to certain buy-side companies in addition to sell-side firms. Users of Linx Networks' IP Trade turrets will now have the tools to record their conversation on their mobile device so they won't be restricted to their desks when they communicate with their clients and carry out transactions.
Gareth Malone, CEO of Linx Networks said, “It’s crucial that any financial institution has a system that will cover them at every customer touch point. By working with TeleWare, we ensure that users are able to make and receive calls on their mobile whilst safe in the knowledge they are 100% compliant.”
The T4 Turret from Linx is a high-performance unified trading communication and collaboration solution that has effectively integrated the trading room and all other environments of unified communications. The platform allows traders to communicate with other financial institutions, clients, colleagues and partners through private wire, hoots, landline, mobile connections and all trader communities seamlessly.
Edited by Alicia Young