Custodia Technology has responded to increased regulatory scrutiny over the use of instant messaging by adding the access of social media messaging to its CC1 service through a partnership signed with TeleMessage
Custodia Technology, the global compliance technology experts, has announced the capture of social media messaging in its CC1 service through a partnership with TeleMessage. This capability is essential in the current regulatory environment, where investment banks are paying as much as $200 million in fines for employees’ business communications on unapproved messaging platforms and for recordkeeping failures. The total amount of fines in the US related to social media channelling will likely top $2 billion in the year to the end of September.
Growing reliance on social media and mobile messaging has posed a major dilemma for financial institutions as employees have more access to various communication channels making it harder than ever for compliance departments to monitor employee communication. Robust record-keeping is a key pillar of compliance, but increased use of instant messaging platforms like WhatsApp, WeChat, Signal and Telegram, and the hybrid office and home working environments, has made the job of recording and storing employee communications much more challenging.
Christopher Hartley, CEO of Custodia Technology explained ‘Covid disrupted the way business was conducted, the evolution of digital communications tools and employee habits means that financial institutions are constantly playing catch-up with current and impending legislation. Our new partnership with TeleMessage allows our clients to remain on top of their evolving compliance obligations. Employee communication will continue to be a pain point for financial firms. They need to accept that mobile channels will play a prominent role in their business. One by-product of this new generation of tools is that we have seen an escalation in the number of workers using social media messaging for business as the bring your own device (BYOD) trend has taken hold. This certainly complicates the compliance landscape’.
Guy Levit, CEO of TeleMessage added ‘We are excited to partner with Custodia. This integration will bring tremendous value to financial firms, by seamlessly storing and monitoring WhatsApp, WeChat and other mobile communications in a centralized financial compliance service. Our joint SaaS service allows regulated employees to chat and call from mobile devices while remaining compliant.”
TeleMessage enables regulated employees to communication over mobile channels such as WhatsApp, WeChat, Telegram, Signal, SMS, MMS and Voice in a compliant manner.
TeleMessage can capture and archive all popular forms of mobile communication. It supports corporate-owned and BYOD devices, and provides employees with native interfaces for communication with customers and co-workers.
The recorded mobile communication and metadata can be delivered to the firm’s archiving and surveillance platforms, either On-Prem or in the Cloud – ready for search and eDiscovery.
As compliance technology continues to evolve, firms must adapt and implement new communication channels data capturing technology. CC1 is evergreen and continually adjusting to new regulatory obligations. Aggregating data from multiple sources plays a key role in enabling firm’s compliance capability and be part of their digital transformation journey.
About Custodia Technology
Custodia provides full end-to-end solutions for the compliance estate and, in addition to independently supporting best-in-class vendor technologies, it provides its own financial sector software solutions, with a teamed approach to support and training, covering more than 100 countries. For more information, visit www.custodiatechnology.com
TeleMessage is widely recognized as an innovative messaging leader providing enterprises and mobile operators with mobility solutions and next-generation wireless communication technologies. Founded in 1999, TeleMessage has been helping organizations of all sizes across industries, including financial services, government, healthcare and network carriers globally to leverage the power of the mobile channel with our robust communications platform. The TeleMessage products portfolio includes: Mobile Archiver, Secure Enterprise Messaging and Mass Messaging. For more information, visit: www.TeleMessage.com