SteelEye and Solgari Forge Compliant Partnership

SteelEye announced it has a forged a technology partnership with omnichannel cloud communications services provider, Solgari. Together, the companies will mesh their respective cloud platforms to help customers meet financial services regulatory requirements. At the same time, clients are able to open up notable data analysis possibilities, SteelEye being a compliance and data analytics firm.

For financial firms, SteelEye’s software lowers costs and complexity while meeting MiFID II obligations for recordkeeping. transaction reporting, trade reconstruction, and best execution. Each firm increases intelligence via a surveillance functionality to understand data at a deeper level. As for Solgari, it is the digital omnichannel go-to for clients with voice, WebRTC video, chat, IM & SMS. Additionally, it recognizes MiFID II, GDPR and PCI DSS compliance requirements via a pay-per-use SaaS model.

Matt Smith, CEO at SteelEye commented: "SteelEye has the best communications and trade recordkeeping solution combined with the most advanced trade reconstruction and analytic capabilities available in the market. We firmly believe that to validate true best execution, firms must demonstrate through communications, such as voice, video, SMS & chat, that they acted in the best interest of their clients. Although SteelEye is agnostic to data sources, this partnership will provide our clients with a fully-integrated, affordable answer to their global regulatory obligations."

MiFID II is a vital set of rules and regulations, coming to the forefront on January 3, 2018, directly affecting international firms with dealings in the European market. Non-compliant firms can be subject to several million dollars in fines, which is similar to that of GDPR, which goes into effect May 2018 as a protective force for EU data. This could cost firms upwards of 20 million dollars.

John Colgan, CEO at Solgari added: "MiFID II & GDPR represent significant challenges to the Financial Services industry. However, many aspects of these new demands can be addressed by best of breed, highly secure cloud software solutions. Not only can these solutions lead to automated compliance, they are also likely to open up other opportunities around cost savings, efficiency and the ability to accurately assess recorded data. Our partnership with SteelEye opens up all this capability to both our customer bases and we are delighted to be working closely together going forward."

Is your company regulation ready? 

Edited by Erik Linask