3 minute read
By Gyorgy Gyarmati
Posted in Customer Engagement
Recently WatersTechnology announced the recipients of the 16th annual American Financial Technology Awards (AFTAs) in a virtual ceremony.
We are extremely proud to have been honored alongside Cloud9 Technologies in the "Best Partnership or Alliance" category for our close collaboration to provide the capital market ecosystem with a fully compliant, cloud-enabled communications solution to support traders—both on the trading floor and remotely—providing needed flexibility as the industry continues to take a cloud-first approach and gains a greater appetite for anytime, anywhere access to the “virtual trading floor”.
Hosted by WatersTechnology, the AFTAs recognize excellence in the deployment and management of financial technology within the asset management and investment banking communities.
Having seen the disruption caused by the pandemic and the consequent surge in remote working environments, the demand was clear: traders needed the tools and workflow capabilities to operate outside traditional trading floor environments.
Providing financial firms with a cloud-based voice trading solution without the need for physical infrastructure and long deployment, and ensuring the solution falls within compliance boundaries, have been key drivers behind our partnership that we announced in July.
Compliant Voice Trading, Made Simple
"The American Financial Technology Awards is a true recognition of our teams' ongoing efforts and strategy to support the trading industry in this exigent times," comments Phil Fry, VP of Product Strategy at Verint. "It's a great honor to receive such a prestigious industry accolade with Cloud9 and we look forward to continue to redefine trading compliance to help financial market participants ensure that traders stay connected with clients, peers, and counterparties without having to worry about compliance infractions."
The joint solution brings together Cloud9’s C9 Trader voice communication platform and Verint® Financial Compliance CaptureTM for advanced communication capture, records retention, secure data governance and advanced data analysis.
By doing so, it gives financial institutions an enterprise-wide communication and compliance framework that alleviates obstacles and helps ensure traders remain within compliance parameters, both remotely and on the trading floor. Through the analytics and open data APIs, businesses can capture, preserve and monitor a complete set of voice records and metadata and make these available for surveillance, trade reconstruction and analysis purposes.
"As the institutional trading landscape becomes more digitized and work-from-home becomes much more common or in many cases essential, access to voice data is essential to fulfill regulatory and operational requirements," said Brian Hunt, Chief Administrative Officer and Head of Partnerships at Cloud9. "Receiving this top honor in the financial technology space is a testament of our collaboration to support the trading community with greater flexibility and optionality during the pandemic crisis and beyond."
Supporting Trader Workflows in WFH
A global investment firm was forced to rapidly move their traders to work from home during COVID-19 to ensure business continuity. The bank entrusted Verint and Cloud9 to establish secure lines of communication for its traders and keep these interaction streams fully compliant. Thanks to the flexibility of the solutions and the fluid support, the bank managed to quickly deploy Cloud9’s soft turret on its traders’ devices alongside Verint to ensure frictionless recording, storage, monitoring and retrieval of interactions from over 500 Cloud9 endpoints.
Leveraging Verint and Cloud9, our clients can rely on robust voice trading connectivity while managing compliance complexities across all regulated voice interactions via sophisticated search & playback, workflows, reporting, case management and auditing. This way their compliance, IT and surveillance teams can ease recordkeeping, communications monitoring and compliance investigations, avoiding fines under MiFID II, MAR, Dodd-Frank and other financial regulations, regulatory guidelines, management accountability regimes and trading best practices globally.
Verint Financial Compliance has been recognized on various occasions by industry insiders and the global financial community this year. Before WatersTechnology's American Financial Technology Awards, it won Central Banking's 2020 Fintech & Regtech Global Award as "Data Management Partner for Regulatory Compliance".
In addition, Verint was named "Best Buy-Side Compliance Product for Trading" for the second consecutive year in the 2020 Buy-Side Technology Awards, and was a finalist of various compliance, trading and unified communications technology awards throughout the year.
Podcast: Extracting Voice Data - The Pivot Point in Institutional Trading
Voice trading continues to be a pivotal element of daily workflows across the institutional marketplace, which means that access to greater voice metadata is imperative for strategic, regulatory and operational purposes.
In the new episode of Cloud9’s podcast series examining developments in the voice trading landscape, Cloud9 CAO and Head of Partnerships, Brian Hunt, and Verint VP of Product Strategy, Phil Fry, examine the who, where, what and why of accessing greater voice metadata—and how this will progress as we near the end of one of the most challenging years in recent memory.
Click here to listen to the podcast episode.
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