How Mobile Voice Recording (MVR) will help your company navigate new EU laws
There are several solutions out there for MVR but most are very expensive and inflexible.
Crystaline are delighted to announce another new partnership with Samsung & Mainstream to bring you the Mainstream Mobile Voice Recording (MVR) solution that makes the most of the technology in your pocket and is designed to work on Samsung phones with KNOX security.
The successful recording of calls made on or received by a mobile handset
has been a challenge for many providers. Samsung, in conjunction with Mainstream Digital, have developed a system that overcomes the current challenges and delivers an unobtrusive solution that does not require any user interaction.
To be clear this solution only works with Samsung devices.
Originally designed for the financial sector and companies regulated by MiFID I I legislation, MVR is now used in the financial, infrastructure plus multiple other sectors, is MiFIDI I compliant, secure and auditable.
Now, new EU regulations, which are coming into effect in 2018, will make it a requirement to record all financial transactions made over the phone and store the recordings for 5 years.
Communications and financial technology has evolved enormously in the ten years since MiFID 1 came into effect in 2007, and it is unsurprising that new legislation is required to reflect the current climate. The advent of Bring Your Own Device (BYOD), Choose Your Own Device (CYOD) and Company-Issued Personal Enabled (COPE), along with faster financial transactions and increasingly mobile employees means that regulations need to become clearer and more responsive to ensure no grey areas. This cements the need for simple and intuitive mobile recording technology, which Samsung will provide with Mobile Voice Recording (MVR).
MiFID 2: What does it mean for your company?
On the 1st January 2018, MiFID 2 goes into effect in all EU countries. It states that all phone transactions covered under it’s directive have to be recorded with the recordings stored for 5 years. This is an attempt by the EU and the Financial Instruments Directive to increase protections and transparency for investors and customers.
There are other important developments to make note of:
The 5 year period of storing recordings is longer than the 6 months required under current regulations. More users will come under this new regulation; 30,000 to 500,000.
On current regulations, there has been confusion about whether it applies to calls made on non-company handsets. The new regulations clearly state that all communications which may result in transactions made on both company and non-company handsets have to be recorded. It also includes email, instant messaging and Skype calls.
So how can MVR help?
Samsung’s MVR technology has been designed to keep your company safe by covering all aspects of financial transactions over communications to satisfy MiFID 2.
Compliant and Flexible
The Mainstream MVR solution combines secure and seam-free recording of all business communications. Our MVR solution can be provided with pre-configured compliant smartphones, or installed remotely on existing compatible corporate owned smartphones or BYO devices.
Tamper proof and undetectable, Mainstream MVR allows normal mobile phone operation while securely recording all business communications including voice, text and SMS messages, without the need for user interaction. All communications are encrypted and securely transferred to Mainstream data centres. Only the client has access via the online portal to search, review, comment on, share and audit any of the communications made or received.
Proof of Attendance
Users can capture photos via the mobile app which are transferred securely to the client portal, and can be searched, viewed, commented, shared and audited as with all other information. Photos could be used for proof of attendance, site inspection or ‘before and after’ work shots.
MVR also provides device telemetry including signal strength, memory usage, battery life and GPS location information. Remotely manage your mobile estate, update devices, remove unauthorised apps, generate Google maps and manage users, teams and managers with the required levels of information and access for each.
MVR works across all networks and with features available such as lone worker assist and interview recording, MVR is suitable for use in a wide variety of roles either B2C or B2B.
Our Unique Solution
One common method of recording mobile calls utilised by other solutions is to use a dedicated SIM from the recording provider, allowing a call to be recorded in the operator’s network. The flaw with this is that if you want to use your mobile outside of the specific operator’s network, such as traveling abroad and using an overseas network, calls will not be recorded. The Mainstream MVR solution is not network specific and will record your mobile calls on any network in any country.
Another common method adopted for recording mobile calls is to set up a three-way conference with the call recorder when you make or receive a call. This naturally introduces a delay in connecting the speech path whilst the conference is set up and can incur additional call charges. This solution does not particularly lend itself to ad-hoc or unplanned calls. The Mainstream MVR solution records calls at the handset and does not require a third party connection so there is no delay connecting a call.
No User Interaction
When you need to record calls for compliance, you do not want to allow the user to bypass the call
recording option. Some solutions will install a separate app on the mobile device that is another dialler. The user then uses this additional dialler to make calls and send texts. Using this method, the calls to the mobile that need to be recorded also have to be routed through an office PBX so the user has two numbers, an office number that will be recorded and a personal number that is not recorded.
The Mainstream MVR does not require a separate number or dialler app, the user just uses the device as normal, using the standard dialler, contacts list, messaging etc. This guarantees all calls, SMS and MMS are recorded and compliance is met.
MiFID 2 brings with it some challenges for companies to overcome and MVR is the perfect way to meet those challenges and overhaul your company’s communications and security. Embrace BYOD, CYOD and COPE and let your employees use the devices that work best for them. MVR is a comprehensive solution that will keep your company from falling afoul of MiFID 2 in a way that your employees can adapt to with ease.
For further information please click here to download our FREE info pack that explains in more detail how MVR could benefit your business!
If you have any questions and want Crystaline to demystify all the tech talk then please contact us.