New financial sector regulations that come into force next year have prompted TeleWare and Weston Digital Technologies to link up and co-develop an on-site compliance capture, record and analysis solution.
MiFID II comes into effect in January 2018 when all communications - voice, face-to-face and electronic - relating to financial trades must be recorded and stored for a minimum of five years with a possible extension to seven.
And the General Data Protection Regulation (GDPR) kicks off in May 2018 requiring marketers and data handlers to clean up customer data in their own environment to ensure the correct permissions are held and compliant.
To meet these requirements TeleWare and Weston have created a solution that captures fixed and mobile voice recordings together with SMS and uses TeleWare's Intelligent Import technology to push the recordings to an on-site recorder.
Paul Millar, Chief Innovation Officer at TeleWare, said: "We are working together to offer Weston customers a recording solution that holds everything in one place on-site."
Weston MD Derek Townsend added: "Our goal is to avoid swivel chair compliance. MiFID II requires financial firms to record all communications in all forms that may be involved or result in a trade.
"Bringing it all together on one platform, a unified solution for compliance, is so much more efficient."