SteelEye, the compliance technology and data analytics firm, has partnered with recording technology provider, Verint Systems.
The complementary partnership will provide firms with SteelEye’s Record Keeping, Trade Reconstruction and Best Execution capabilities, combined with Verint’s recording and modular communications solutions, in a scalable, joint platform.
Verint’s experience in Actionable Intelligence and Customer Engagement solutions with its strength in Compliance Recording provides a high-end, enterprise trading and collaboration compliance platform for the financial services industry through its scalable compliance recording, speech analytics and proactive policy control technology. The solutions help firms monitor the high volume of interactions taking place on a daily basis across multiple channels and provide them with an integrated end-to-end compliance solution to their regulatory obligations.
SteelEye and Verint says their expertise and resources will provide financial services firms with a best-in-class, comprehensive solution to meet the increasing regulatory demands they face under MiFID II and other regulatory and reporting obligations. The record-keeping and reporting burdens imposed on firms by regulations such as Dodd Frank, EMIR, MAD/ MAR, AIMFD and the upcoming MiFIR and MiFID II, translate into unprecedented requirements for data storage and transaction reporting, with significant risk of sanctions and reputational damage for non-compliance. SteelEye helps firms to solve their regulatory challenges by bringing communications, trade and market data together, while reducing cost and complexity. This partnership will provide firms with a scalable and cost-effective way to meet their obligations using the latest and most advanced data and analytical capabilities.
SteelEye’s CEO, Matt Smith (pictured), says: “SteelEye has the best communications & trade record keeping solution combined with the most advanced Trade Reconstruction capabilities available in the market. We firmly believe that to validate true best execution, firms must demonstrate through communications, such as voice, that they acted in the best interest of their clients. Although SteelEye is agnostic to data sources, this partnership will provide our clients with a fully-integrated, affordable answer to their global regulatory obligations.”
SteelEye’s cloud-based platform also brings several distinctive advantages to help firms optimise their business. The platform is designed to help regulated firms not only comply with their regulatory obligations but also support them in seeking out the long-term benefits available from the data they must collect for regulatory purposes. This helps them trade with greater efficiency, profitability and control. SteelEye is the only platform to offer transaction reporting, record keeping, trade reconstruction, best execution and data analytics in a single comprehensive solution.
“Communications capture and data archiving is one of the most important elements of compliance, but firms shouldn’t stop at surveillance or ignore voice recording,” says John Bourne, SVP Global Channels and Alliances at Verint. “Global organisations across regulated industries that regularly communicate with customers, clients and partners must be aware of the risk associated with every interaction. However, collecting data isn’t just about managing this risk. SteelEye is an innovator in the compliance tech space, and we are pleased to work together to allow firms to turn their voice recordings and other communications into unique insights and measurable business intelligence.”
Verint’s technology also helps financial firms achieve their most critical business requirements by providing them with key insights into their data. The platform captures voice, video, IM, desktop screen and content sharing in one integrated and scalable product. Through the platform, firms can fulfil their record-keeping requirements, protect information privacy, perform rapid fraud analysis and effectively manage their communications in a way that is flexible and tailored to their business needs.
Andrew Davies, Head of Global Financial Compliance at Verint, adds, “SteelEye has proven to be a real disruptor in the regulatory and compliance space. With so many varied requirements confronting firms as new regulations come into force, we are excited to now partner with SteelEye to help firms meet their regulatory obligations and gain a strategic advantage from their data.”