BBVA Extends Fonetic's Compliance Solution to London and New York

Spanish bank extends its relationship with long-time partner for voice and text compliance.

bbva-head-office
BBVA extends relationship with long-time partner Fonetic.

BBVA has been using Fonetic's Trading Record Keeping Compliance set of solutions at its Spanish headquartered since 2009, to monitor and prevent fraud on its trading floors, and is now rolling out the solution to the US and the UK to comply with Dodd-Frank Title VII and Mifid II requirements on communication surveillance and record-keeping.

"Fonetic delivered and executed on this solution extremely professionally and continue to enhance the product and service level they provide to us. I would recommend my fellow banks to work with Fonetic on their compliance needs," says Pedro Molpeceres, private banking global projects executive at BBVA.

BBVA's Trading Record Keeping Compliance suite enabled by Fonetic looks directly into trading floor audio patterns to detect potential compliance risks before flagging them to the compliance officers. BBVA will be able to significantly reduce the time spent carrying out manual trade monitoring on its London and New York trading floors, according to Fonetic.

"By using Fonetic's direct phrase recognition, and not transcribing the voice to text before analysis takes place, Fonetic is the only solution able to guarantee BBVA analysis of 100 percent of the calls 100 percent of the time," says Juan Manuel Soto, Fonetic's CEO. 

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe

You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.

Waters Wrap: The tough climb for startups

Anthony speaks with two seasoned technologists to better understand why startups have such a tough time getting banks and asset managers to sign on the dotted line.

You need to sign in to use this feature. If you don’t have a WatersTechnology account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here