CAN SOTERIA BENEFIT FINANCIAL FIRMS WHO HAVE LITTLE OR NO NEED FOR REAL-TIME COMMUNICATIONS MONITORING?
Yes. All firms falling under MiFID II legislation must capture and store recordings of all voice and electronic communications relating to activities intended to result in the conclusion of a transaction or the provision of client order services, regardless of whether or not they result in a financial transaction. In order to achieve this, most firms currently use different systems to capture each media type. For example, fixed line voice, mobile voice and SMS, email, instant messaging and Skype for Business, to name a few, are often captured using a different platform for each one. For organisations with more than one location, multiple recording platforms may also be used for the same media type. In addition, further platforms are often then used to store this data. The end result is an expensive and inefficient array of data, vendor and technology silos, with associated maintenance costs, on top of the initial capital outlay. Where companies need to be able to correlate all of these forms of multimedia, further layers of middleware also then need to be layered across the top, incurring even more additional costs. By capturing all forms of multimedia communications, live and at source, and storing them within its secure, globally dispersed cloud infrastructure, SOTERIA enables firms, over time, to replace these disparate silos with a single, unified platform, reducing Total Cost of Ownership and significantly improving efficiency.