Madrid-based Fonetic has integrated voice biometrics capabilities into its solution for Dodd-Frank Title VII mandates for voice and data record keeping, incorporating them into Dodd-Frank Trading Record Keeping Compliance solution.
Fonetic's solution captures, indexes, analyzes and extracts relevant unstructured data from all voice, email and chat interactions to create a searchable database of all communications pertaining to traders and trades. By adding biometric voice analysis, Fonetic empowers banks to verify a caller's identity, track their interactions, and authenticate transactions based on their unique voiceprint. With a small voice sample, Fonetic can scan millions of calls and cross-match voiceprints with other known criteria - such as call content - to identify the caller. Once identified, the caller's voice becomes searchable data that banks can use to facilitate regulatory inquiries or quickly identify inappropriate trading behaviors.
The technology is provided by Agnitio, the specialist in voice biometrics solutions for the government and commercial sectors.
"Voice recordings play a critical role in helping banks maintain regulatory compliance and protect themselves against risk and fraud, but they become an infinitely more powerful tool when banks can use them to verify who is actually speaking with whom," says Juan Manuel Soto, CEO of Fonetic. "Fonetic's new biometric voice analysis capability helps banks ‘connect the dots' between the speaker and their words, which improves communication transparency and increases protection for the organization."
Fonetic's Trading Record Keeping Compliance solution was developed in 2009 for Banco Bilbao Vizcaya Argentaria (BBVA) and later implemented by The Santander Group. It can monitor communications in up to 79 different languages and dialects, enabling compliance officers to find specific information and reconstruct all interactions associated with a trade in moments.
While at Sibos Toronto, James shares some interviews covering topics on blockchain, fintechs and cybersecurity.Subscribe to Weekly Wrap emails