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BT continues push into US with Truphone partnership to enable recording of trader comms

BT has announced a further push into the US market through a partnership with global mobile operator Truphone. Together the firms are set to market a recording service for mobile devices to support US firms' compliance with new financial markets regulations, called for by the 2010 Dodd-Frank Wall Street Reform Act.

Under the "oral recordkeeping" requirement of the Act, for certain regulated activities, companies operating or doing business with an organisation in the US have to record all communications from mobile devices that lead to a trade. This information must be stored for a year in a retrievable format that can be easily searched.

BT estimates that 50,000 to 70,000 mobile phone subscribers in the US may be covered by the Act and similar regulations. Along with BT's management services, Truphone will offer the new mobile recording service.

To use the service, all subscribers need to do is install a Truphone SIM card into an unlocked mobile phone. Recorded calls are then stored in a secure cloud that can be quickly and easily searched.

"As the Dodd-Frank Act and future regulations come into force, financial services institutions need technology partners who can act as a safe pair of hands to help them navigate successfully through the compliance maze and in a timely manner," said Tom Regent, president of global banking and financial markets at BT.

"BT's knowledge and experience of helping financial institutions address their global compliance and regulation obligations, combined with the power of Truphone's solution, means we are ideally placed to help our customers."

Paul Liesching, senior vice president of Truphone Mobile Recording, added: "We have embarked on this unique relationship with BT because of their strength and presence in the global financial markets.

"By working together to offer Truphone Mobile Recording to the US, we can continue to help firms meet industry regulations quickly and easily, as well as helping subscribers to be more productive. Our proven Truphone Mobile Recording solution is already used by many of the biggest banks in the world."