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 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.
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