Looking to adopt a cloud-first strategy for retaining financial communications? NICE and IBM have teamed up to provide the answer

Changing regulations like MiFID II, MAR, Dodd-Frank and Code of Conduct are requiring Financial Services Organizations (FSOs) to record and store growing volumes of data – for more users, asset classes, channels and devices. FSOs need to be able to quickly retrieve captured interactions across all channels (e.g. voice, IM, email, and more) and make sense of them, to resolve disputes and clarify trading transactions. As this data continues to expand and FSOs are required to keep it for longer periods of time, FSOs are looking for cost-effective storage solutions that also stand up to stringent compliance requirements.

Storage of communications

Current storage methods can be expensive to maintain and complex to manage, plus sometimes difficult to scale and upgrade. Many companies are looking to consolidate their data storage and lower costs for the mounting amount of data that is being stored for many years. Finding a storage solution that is easy to manage and at the same time brings efficiencies to their IT environment in a way that meets compliance requirements is not an easy task. Add in a requirement for security and a solution that is always on with almost no downtime ever and the solution may seem impossible to find.

Integrated solution

NICE and IBM have teamed up to provide an answer. As a result of the integration of market-leading technologies – NICE Trading Recording (NTR) and IBM Cloud Object Storage – FSOs around the world can meet regulatory requirements around compliance recording while also benefitting from the cost savings, flexibility, and security afforded by the IBM Cloud technology.

NICE Trading Recording (NTR) is the industry’s only "all-in-one" compliance-focused trade conversation recording platform used by most of the world’s leading banks and investment firms for recording and retaining trade conversation from turrets, desk phones, mobile phones, and Unified Communications platforms, including Microsoft Skype for Business and Cisco® Jabber®. NTR works in tandem with NICE COMPASS, the company's unique compliance assurance solution that features automation tools, monitoring dashboards and reports to help financial institutions ensure enterprise-wide compliance with MiFID II and other regulations.

IBM Cloud Object Storage (COS) has over 600 patents and was recently ranked as the #1 Cloud Storage Solution by Gartner. IBM Cloud Object Storage enables firms to scale large unstructured data volumes across on-premises systems as well as public and private clouds quickly and easily, dramatically increasing IT system flexibility and security.

Cloud Object Storage Technology

Unlike traditional storage approaches that require multiple copies of data, IBM Cloud Object Storage technology has these unique data storage and retrieval features:

• All data is immediately encrypted before dispersed across the network.
• All data is transformed by expanding original data and creating slices of data.
• IBM Cloud Object Storage disperses the data slices across multiple nodes and disks and even sites if configured with no copy of the data residing in any single disk, node or location with strong consistency.
• Data can be retrieved with only a sub-set of the slices, enabling access to data even with multiple nodes or even a site outage.
• When data is accessed its then decoded, decrypted and returned to the application 100% bit perfect.

IBM’s Cloud Object Storage can scale as your organization’s storage requirements grow, and can be shared across multiple applications and user groups, providing even more value and cost efficiency across your organization. So, if you’re looking to adopt a cloud-first strategy for recording and retaining financial communications, look no further. With NICE NTR and IBM Cloud Object Storage, you can leverage best-of-breed compliance recording and compatible cloud storage to securely and cost effectively retain, and easily access, growing volumes of financial communications required for regulatory compliance.