One of the most important tunings that UK financial firms should do in order to ensure compliance with the recordkeeping standards of the newly-implemented Markets in Financial Instruments Directive (MiFID) II is to use a business-grade mobile archiving technology that will allow them to capture and retain text messages of their employees in real-time.
When it comes to text message recordingtechnology, most vendors in the market offers two methods to capture and record text messages, as well as other mobile content such as voice calls, chats, emails, and voice chats: through an application or via the user’s network.
In this post, we summarize the specifics of these two popular approaches, along with the pros and cons of each, so you can choose the right method for your company.
1. App-Based Text Message Archiving
The app-based approach toarchiving text messages is the most common choice among regulated companies that are required to recordthe business-related conversations of their employees. These apps are usually designed to work with either Android or iOS devices and recordtext messages by redirecting the messages through the app vendor’s server which records the content.
One of the major downsides of this option is that its archiving process often leads to latency issues, resulting in delays to both inbound and outbound text messages and calls. On the positive side, this method allows the company to continue using its existing mobile network with no requirement for employees to switch to a new SIM card or use a new text messaging app.
2. Network-Based Text Message Archiving
Unlike the app-based option, platforms that use network-based text message archiving do not use an app but, rather,capture and record text messages directly within the company’s existing network. In this option, the mobile operator issues recording-enabled SIM cards to employees in order to capturebusinesstext messages at the network level, which, then,forwards the copies of the SMS messages to the archiving vendor’s server for secure recordkeeping.
The caveat of using this method is that it requires all the employees to use the same network when communicating information which MiFID II requires them to archive. As such, this option should only be deployed if the company intends to issue company-owned mobile phones for their employees to use, as permitting them to use their own mobile device can create a discrepancy in recordkeeping efforts.
App-Based vs Network Based – Things to Consider
When complying with a stringent regulation such as MiFID II, it is important to choose the right approach which will be the least disruptive ofin your business operations and user experience. Here are some key factors to consider when deciding which method to use in your business:
- Cost – Determine if the option will require you to modify your existing contracts with mobile operators and overall IT and compliance budget.
- Other Applicable Regulations – If you are doing business outside of EU or UK, you need to consider other archiving regulations which may also apply to your business,g.FINRA in US or IIROC in Canada.
- Employees Preference – Make sure that your chosen option has a minimal impact on the business texting routine of your employees, since changes in user experience can significantly affect their productivity.
- Administration Controls – When choosing a mobile archiving platform, make sure that it can centrally manage your employee’s messages with ease, enforce security policies to all devices, and search and retrieve all archived records securely and accurately.
The TeleMessage Mobile Archiver is an enterprise messaging app that effectively addresses compliance, regulatory, eDiscovery response requirements and reduces risk across the UK financial sector. TeleMessage records mobile content, including SMS, MMS, Calls, and Chats from corporate or BYOD mobile phones. Messages are securely and reliably retained within TeleMessage servers or forwarded to an archiving data storage vendor of your choice.
Our mobile archiving products securely capture content from mobile carriers and mobile devices for a variety of ownership models (BYOD, CYOD, and employer-issued). With our multiple archiving solutions, you can always find the right tools or blend for your requirements: