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NICE Adds Automated Cloud-Based Transcription Service to NICE COMPASS Compliance Assurance SuiteNICE (Nasdaq:NICE), the leading provider of financial communication compliance solutions, today announced NICE COMPASS Discovery, a new automated, cloud-based trader voice transcription service. The new service builds on the successful launch of the NICE COMPASS compliance assurance solution late last year by giving financial services organizations (FSOs) new capabilities to save time and money, and improve responsiveness to regulators. Whether initiated by regulators or FSOs' own internal teams, extraction and review of large volumes of trader voice recordings are becoming the norm. Rapid response to investigative requests (in some cases within 72 hours) is mandated by a host of regulations and standards, including MiFID II, FX Code of Conduct and Dodd-Frank. Increasingly, when such requests are made, regulators and legal teams often request transcripts of trade-related calls, in addition to a complete set of voice recordings. Chris Wooten, Executive Vice President, NICE, said, "For complex investigations involving large volumes of calls, finding, downloading and transcribing every call can be a long, tedious process. There are additional costs and delays when recordings need to be sent to an outside company for transcription. Some financial services organizations have even resorted to trying to stitch together their own solutions using middleware to integrate audio recording and third-party transcription software. NICE COMPASS Discovery's cloud-based automated transcription service fills this gap by providing a one-stop solution without the headaches, and by dramatically improving the speed, consistency and quality of transcriptions." Working alongside the powerful capabilities of NICE COMPASS, including Automated Bulk Call Extraction, NICE COMPASS Discovery helps firms accelerate investigations and improve their responsiveness to regulators by automating costly and time-consuming manual processes around retrieving, downloading and transcribing large volumes of trade-related communications. Downloaded calls are automatically ingested into the NICE cloud-based voice-to-text transcription system, transcribed and then packaged together with transcriptions and relevant metadata for easy sharing with regulators and other requestors. FSOs benefit from:
NICE COMPASS Discovery was designed to work with the NICE Trading Recording System (NTR). Used by most of the world's leading banks and investment firms to record and retain trade conversations from turrets, desk phones, mobile phones, and Unified Communications (News - Alert) platforms, NTR is an 'all-in-one' compliance-focused trade conversation recording platform. NICE COMPASS Discovery is part of the NICE COMPASS solution suite. NICE COMPASS helps Financial Services Organizations streamline their compliance assurance processes through automated provisioning, system health checks, call extraction, compliance assurance reporting, and now automated transcription. NICE is a leading financial compliance solution provider, serving more than 90 percent of the largest investment banks globally. NICE's compliance solutions assist customers in the capture of trade conversations and trades, analyzing them for potential risk, and correlating trade conversations with trades for trade reconstruction. The company's compliance solutions make automated and intelligent holistic trade compliance programs possible and enable FSOs to more efficiently comply with regulatory requirements, including MiFID II, MAR, FX Code of Conduct, Dodd-Frank and future directives.
About NICE Trademark Note: NICE and the NICE logo are trademarks or registered trademarks of NICE Ltd. All other marks are trademarks of their respective owners. For a full list of NICE's marks, please see: www.nice.com/nice-trademarks.
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