A Look At The MiFID Mobile Phone Recording Solutions



MiFID mobile phone recording brings forth a couple of mobile phone recording technologies that mainly cater to the needs of financial service firms in the UK. They include app-based mobile phone recording, network-based mobile phone recording and enterprise number-based mobile phone recording. App-based mobile phone recording requires financial advisors as well as corporate broking firms to install special native apps on their mobile devices. When you implement it in your business, your employees will be able to freely exchange text messages and phone calls with their colleagues and then send copies of those communications through vendor-owned cloud-based servers or centralized archiving database to archive these records. The app-based solutions are independent of the mobile network operator, meaning that you can be able to archive mobile communication regardless of where they are located.

The second MiFID mobile phone recording is the network-based mobile phone recording solution. This method requires financial advisors and corporate broking firms to install new SIM cards that automatically route text messages, voice calls and MMS on the operator’s network or on the on-premise centralized archiving server of the company. Most companies view this approach as the best because it dismisses the latency issues that are involved with the app-based method. It also provides more reliable mobile archiving software. This approach also does not require any app, something that results into reduced cost as well as management complexity.

Last but not least, we have the enterprise number-based mobile phone recording technology that provides both app-based and network-based MiFID mobile phone recording options. With this solution, employees can be able to keep two separate numbers on a single device, something that makes it easier to track all business communications that are made and received through the device while at the same time ensuring the privacy of the employees. It allows business calls to be billed directly to the company and personal calls to be charged to the user. This eliminates the unruly claim expenses by employees.

For more information on MiFID mobile phone recording, check out: Telemessage

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