Natterbox, a new provider of hosted voice services, has suggested that businesses within the financial services sector should embrace call recording services, as a matter of precaution as well as protection.

Officials with Natterbox pointed out that the Bank of England has made call recording a regulatory requirement for financial institutes when monetary transactions are involved as it not only helps them to detect and punish inappropriate behavior but also act as an overall deterrent of such behavior.

It’s furthermore a process of best practice to protect businesses in the event of a dispute that arises following a telephone conversation and subsequent transaction.

“Call recording isn’t just a requirement to protect the Bank of England, without it, tribunal evidence for businesses that are caught up in the unfortunate event of court proceedings following a transaction based on a verbal agreement, is simply a case of hearsay and, if the dispute is lost, hefty and often detrimental fines can be imposed,” said Neil Hammerton, CEO of Natterbox, in a statement.

Company officials said that Natterbox’s regulation compliant call recording service is an easy to enable and cost effective solution.

According to company officials, the service allows for all calls, both internal and external, to be recorded, while an optional ‘on demand’ control or preset policies mean that certain types of calls do not get recorded.

The service has no limitation on concurrent call volumes or the amount of calls stored.

Company officials pointed out that bi-directional recording can also be automatically triggered based on the call or, activated manually via the web or a telephone keypad during a call.

Once recorded, calls can then be emailed to the caller and stored in the call archive for future reference, should it be needed.

According to company officials, its innovative technology furthermore provides instant online access to settings and policies, easy account management, call playback and email forwarding of calls for users.

Detailed activation logs ensure users have access to searchable ‘live’ call logs, the history of each call recording and, can filter calls by department, caller or recipient.