NICE (NASDAQ: NICE), a leading provider of financial communication compliance solutions, today announced the release of the integration of the NICE Trading Recording System (NTR) and the Microsoft Teams unified communications platform. NICE also announced that it is working with Microsoft to certify NTR under Microsoft’s new Certified for Microsoft Teams certification program for compliance recording solutions. Financial services organizations (FSOs) around the world can now benefit from increased productivity and streamlined communications while also ensuring compliance with key regulations, including MiFID II, MAR, FX Code of Conduct, Dodd-Frank and Regulation Best Interest, even with employees working remotely.Fintech News
“Our certified solution with Microsoft Teams – even those covered by the most stringent regulations – helps to speed up their technology adoption of unified communications and digital transformation,” said Chris Wooten, Executive Vice President, NICE. “Moreover, FSOs are innovatively equipped to fulfill their regulatory obligations even with distributed work-at-home employees around the globe.”
Mike Ammerlaan, Director of Office 365 Ecosystem Marketing at Microsoft Corp. said, “Microsoft Teams empowers financial services firms and accelerates digital transformation through every business-critical area of the enterprise that benefits from streamlined collaboration and meeting experiences. “With the integration between NICE and Teams, FSOs can extend the benefits of our innovative Microsoft Teams platform to regulated employees with complete confidence they can continuously meet their regulatory obligations around recordkeeping and retention.”
Benefits of the NICE Trading Recording – Teams Approach
As a unified communication and collaboration platform that enables chat, online meetings, calling, file sharing and provides other tools and applications, Teams powers a new world of productivity for front, mid and back-office employees across the financial services spectrum. But as FSOs roll out Teams, they must pay special attention to recording, archiving and retaining all modalities of regulated employee communications. Through its certified integration with Teams, NTR will address these requirements and more.
- All-in-One Compliance Recording Solution: Already adopted by most of the world’s leading banks and investment firms, NTR enables unified capture of a variety of communication modalities in a single platform. This includes all modalities of Teams’ unified communications (voice, screen sharing, video, chat) and other communication systems (turrets, mobile phones, PBX desk phones, etc.). FSOs can now confidently add Microsoft Teams recording into their existing NTR infrastructure and easily adhere to regulatory requirements. At the same time, it supports remote employees, allows for a seamless user experience, lowers TCO, improves economies of scale and significantly streamlines administration and the compliance work process.
- Complete Compliance Assurance: As an added benefit, NTR’s NICE COMPASS application helps FSOs streamline mandated compliance assurance processes through automated provisioning, system health checks, bulk call extraction, transcription, compliance assurance reporting and monitoring dashboards, real-time recording reconciliation and daily recording checks.
- Automated Trade Reconstruction: Rapid trade reconstruction is mandated by a host of regulations. In some cases, firms must adhere to a demanding 72-hour turnaround time to respond to regulators. NTR is the communication capture backbone behind NICE’s automated trade reconstruction which uses AI and advanced analytics to help FSOs reconstruct trade conversations and complete investigations in a fraction of the time.