In the aftermath of the 2008 economic crisis, financial services regulators introduced a number of new measures to safeguard both the integrity and security of the financial system. A key component was much stricter communications compliance regulations, including several directives to improve communications and increase transparency in order to mitigate future risk.
Confidence in the Cloud
The financial services sector has previously been hesitant to engage with cloud communications platforms due to misconceptions about cloud security and loss of control of highly sensitive data. However, recognition from regulatory agencies and standards bodies regarding the value of cloud services in meeting compliance has facilitated the large-scale adoption of cloud telephony by financial services companies. Support from such governing bodies has given private and public FinTech companies the confidence to embrace cloud communications.
The companies that operate in different offices or in different countries need to meet a number of communication requirements, including being able to archive all calls to meet FCA compliance. They require a communication solution that can allow them to address compliance requirements. A cloud telephony solution provides a number of revolutionary features that securely and efficiently meet today’s FCA, Central Bank, SEC, MiFID, and PCI DSS compliance requirements.
Where previously firms have met communications compliance through heavy investment in disjointed, outdated, on-premise technologies that consume significant capital on a continuing basis, cloud-based telephony now offers a more secure, seamless and cost-effective way to address compliance issues. The other main advantage of using a cloud-based service is that it allows companies to satisfy the current compliance requirements while making sure that the company will be able to meet future requirements as well – the cloud remains updated on communications regulations.
“There are no reasons why cloud technology should not be implemented, should appropriate safeguards be in place.”
- Financial Conduct Authority (FCA), November 2015
A recently released report by Solgari, a cloud communications software provider, provides insights into the cloud-based solutions that are enabling global FinTech organizations to meet today’s demanding FCA, MiFID, Central Bank, SEC and PCI DSS compliance requirements, at minimal cost.
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