Archiving Text Messages

If you own a company that provides or advises on financial instrument and services in the European Union, MiFID mobile phone recording compliance is something that you need to take very seriously. The MIFID extension requires anyone that provides financial advice that may result to a trade to make sure that their calls are recorded. For the first time, call recording regulations cut across the board – they apply to wealth managers as well as independent financial advisors. The new MiFID mobile phone recording legislation also states that organizations must store recorded conversations for five years in a secure environment. The organizations are also supposed to implement a system for reviewing and monitoring all conversations between clients and employees. It is estimated that using legacy call recordings adds approximately £1,000 to £1,200 to an average phone bill annually – this is without the upfront costs like installation of on-premise equipment. If you own a smalle...

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 so...