Mobile Recording for MiFID II

By January 21, 2016 August 3rd, 2017 Features, Partnerships, Solutions

MiFID IIWith Verba’s latest 8.5 release, we have extended our recording support for public mobile networks, one of the requirements of the Markets in Financial Instruments Directive (MiFID II).

The current implementation deadline of MiFID II is January 1, 2017. It will provide harmonised regulation for investment services across the European Union and change the way records are kept. It also covers a wider scope of communication recordings, including mobile calls.

The recording impact of MiFID II

MiFID II impacts communication recording in the following ways:

  • Firms will need to monitor the records they collate
  • Longer retention periods will be required
  • Management must have a clear oversight of recording processes
  • A firm’s management body must have effective oversight and control of all policies and procedures relating to the firm’s recording of telephone conversations and electronic communications
  • Requires a wider scope of communications recording; communications ”that are intended to lead to a transaction” will need to be recorded and retained. This requirement covers archiving calls, both mobile and fixed.

The Verba mobile recording coverage

Our current partnerships provide public mobile recording capabilities in the following countries in Europe (impacted by MiFID II):

  • Finland (Elisa Mobile)
  • Germany (Truphone)
  • The Netherlands (Truphone)
  • Poland (Truphone)
  • Spain (Truphone)
  • Sweden (DGC)
  • United Kingdom (Truphone)

Globally we also support:

  • Australia (Truphone)
  • Hong Kong (Truphone)
  • Singapore (Singtel)
  • United States (Truphone)

The Verba solution allows our customers to bring their mobile call recordings into their internal IT infrastructure if their policies require that.

Mobile recording using Verba

Our integration with Elisa Mobile and DGC is hosted at their respective Verba platforms, however, customers can transfer recorded calls into their on-premise Verba system if needed.

In our Singtel and Truphone integration, you can host Verba recording servers in-house, so your organization can control the entire recording chain. You can deploy your own Verba recording servers and connect them to Truphone. Voice calls placed or received using configured SIMs will be recorded.

To improve operational security, our customers can deploy Session Border Controls (SBC), a special VoIP router supporting routing between internal and external VoIP networks. This not only provides security, but also load-balancing and failover across multiple internal Verba recorders. The recorder is connected before the call is established, and therefore, the entire call is recorded.

For compliance reasons, you can configure the solution to block calls that cannot be recorded by any of your (potentially multiple) Verba recorders for any reason.

For additional high availability, recording streams can be duplicated and sent to multiple recorders in different data centers. If one recorder fails, the other one will still record the call.

For more information, contact one of our experts .