NICE Systems (Nasdaq: NICE) last week added an “Automated Call Extraction” capability to its NICE Compass suite of solutions in an attempt to make regulatory compliance requests easier to deal with.
The call extraction functionality can be combined with the NICE Trading Recorder, and the Hoboken, New Jersey-based company says it is aiming to provide a “secure, auditable solution for responding to complex regulator requests, especially those involving large volumes of voice trading communications.”
Rather than having to search through a system for various recordings, this will allow companies to extract a large quantity of related saved conversations “by submitting one query, even if the communications were captured on different recorders at different locations over extended periods of time.”
READ MORE: NICE Broadens Its Scope in a World Where ‘Everybody Is Talking About Automation’
NICE says that millions of recordings can potentially be “downloaded in a single day” and cites the speed of finding and compiling all the recordings as the key benefit. The automated recording, storage, and retrieval function includes the ability to decrypt the recordings as they’re processed by financial services organizations (FSOs).
“Regulations are placing tremendous demands on FSOs to do more faster, with existing resources, and these demands will only compound with new regulations like MiFID II,” said Chris Wooten, executive vice president of NICE Systems. “NICE Compass’ Automated Call Extraction helps FSOs automate extraction of high volumes of recorded voice trading communications, so they can respond to regulatory requests within mandated time periods.”
(Photo credit: Pixabay)
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