TELES and ASC Create New MiFID II Compliant Solution

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TELES and ASC Create New MiFID II Compliant Solution

July 13, 2017

With MiFID II looming on the horizon, companies in the EU are scrambling to get ready. The new legislation will be fully implemented in EU countries as of January 2018 and will require the recording and archiving of any consultations that lead to a sale. This applies to all channels of communication: voice, email, chat or video.

While the new guidelines may be a pain for some companies—especially those who are used to getting away with some less than honorable business dealings—it’s great news for call recording solution providers. The most recent companies to take advantage of the situation are ASC Technologies and TELES. The pair just announced that they will be creating a joint cloud based call recording solution for the recording and documentation of mobile interactions.

The voice services platform of TELES is integrated in the provider network and offers corresponding communications services for clients. Under this new partnership, the joint solution will be able to provide individual control for recording, data import and export out of the cloud. Additionally, the companies have stated that the solution will offer the highest security and encryption possible.

As an added bonus, the fact that the solution is going to be specific to mobile interactions is a huge selling point, considering that a large majority of communications now take place on mobile devices. Without a solution like this in place, anyone who conducts business by using their mobile device will be going against the rules laid out in MiFID II.

 As Marco Mueller, Chief Operating Officer of ASC Technologies, points out, “Today, an increasing number of customer interactions take place via mobile networks; failure to preserve these conversations in accordance with MiFID II could lead to heavy fines. In conjunction with TELES, we are supporting financial service providers by ensuring they fully meet regulatory requirements.”

Oliver Olbrich, Co-Chief Executive Officer of TELES, added, “Our communications solutions let network operators and business clients save money by reusing their existing architecture. By integrating ASC’s recording software, we expand the reach of our portfolio and meet MiFID II regulations at the same time.”

Edited by Maurice Nagle

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