Speechmatics ready to support MiFID II compliance

Speechmatics is a leader in automatic speech recognition which enables customers to convert speech-to-text immediately and make audio content such as phone calls discoverable.

This is also one of the key requirements of the incoming MiFID II regulation, an incoming European wide financial services regulation to improve transparency in the financial services industry. The regulation is set to take effect from January 2018.

One of the key mechanisms of MiFID II is around telephone taping of financial advisers to support regulatory compliance, protect consumers and to resolve any trading disputes cost effectively.

According to IHS Market and Expand, a Boston Consulting Group Company, MiFID II will cost the industry more than $2bn in 2017. The incoming legislation also received further strength and backing through a report published by the Financial Conduct Authority (FCA) last week urging financial institutions to ready themselves. As a specialist in multilingual, automatic speech recognition, Speechmatics is ideally positioned to help companies that offer turn-key solutions to this upcoming market opportunity by allowing them to convert what was recorded on a call into an accurate transcription. Speechmatics covers most of the core European languages and alongside a cloud-based service, provides a full on-premises solution that easily integrates into any existing software stack, thereby maintaining privacy and security of data. Speechmatics is already working with a number of leading call recording and compliance partners in the UK and across Europe. For more information on MiFID II, please see a recent Financial Times Article: https://www.ft.com/fastft/2016/09/29/mifid-ii-preparation-could-cost-firms-2-1bn-report/?siteedition=uk For a link to the IHS report: https://www.markit.com/Company/Files/PressReleaseFile?CMSID=c825327f75b14c1f86b874c5fe93f992