Three introduces mobile call recording fit for MiFID II

13 Jun 2019493 Views

Share on FacebookTweet about this on TwitterShare on LinkedInShare on Google+Pin on PinterestShare on RedditEmail this to someone

Image: © SFIO CRACHO/Stock.adobe.com

Share on FacebookTweet about this on TwitterShare on LinkedInShare on Google+Pin on PinterestShare on RedditEmail this to someone

Three has announced a new feature designed to help financial institutions comply with EU requirements on call recording.

From July 2019, Three will have a unique offering for its business clients in Ireland.

Lauded as Ireland’s first mobile call recording and SMS recording product for business customers, this new service offers users a SIM-based recording solution with encrypted cloud storage.

Three says it’s delivering this service in response to customer demand, particularly from Irish financial institutions that have to comply with the EU’s MiFID II, the Markets in Financial Instruments Directive.

Under Article 16 of MiFID II, records must be kept of all services, activities and transactions undertaken by an investment firm, including all communications intended to result in a trade, even if they ultimately do not. These records are to be kept for a period of five to seven years, depending on the jurisdiction, in such a way that they may be provided on request.

The recording of mobile telephone calls falls under this requirement, but it’s not so easily done.

“A number of our customers were coming to us with the requirement to not only record mobile conversations but also store them for several years. This new product provides that service,” said Karl Duffy, head of enterprise and public sector with Three Ireland.

Duffy assured customers that the service will be “seamless” to use and that they will be able to make calls as normal without the need to install an app. Users will then be able to retrieve, replay and archive their recordings via a web portal.

“Instead of taking a shortcut with an unreliable app solution, we have gone for a belt-and-braces approach as we recognise that our customers want a secure and robust product that supports their regulatory obligations,” Duffy added. “We also recognise that it needs to work wherever our customer is, so it caters for roaming and international calls.”

Three believes the recording service will also be beneficial to customers looking to reduce costs on dispute resolution as well as those looking to use call recording for training and quality management.

A dedicated helpdesk in Three’s business customer care centre in Limerick will provide support for the service.

Elaine Burke is the editor of Siliconrepublic.com

editorial@siliconrepublic.com