PRESS RELEASE: Fonetic, the recognised leader in voice and text management solutions announced that Banco Bilbao Vizcaya Argentaria (BBVA) is rolling out the Fonetic linguistic analysis and trading compliance solution to proactively monitor and prevent trading malpractice at its London and New York headquarters.
This decision comes after almost seven years of successful integration with Fonetic’s trading compliance solution in BBVA’s trading floors in Spain and further strengthens the partnership between the two companies. The decision to adopt Fonetic’s solution in London and New York highlights its success and maintains BBVA’s continued commitment to monitor and prevent fraud on its trading floors across multiple deployments. The move also keeps the bank in step with continuously evolving legislation, including forthcoming rules and regulations associated with Dodd-Frank and MiFID II compliance.
“We in BBVA selected Fonetic as our provider for implementation and delivery of our Trading Record Keeping Compliance solution into our Bank in 2009, for which we received an award from The Banker in 2012,” said Pedro Molpeceres, Private Banking Global Projects executive at BBVA.
“Fonetic delivered and executed on this solution extremely professionally and continue to enhance the product and service level they provide to us. I would recommend my fellow Banks to work with Fonetic on their compliance needs,” added Molpeceres.
Fonetic’s trading compliance solution enables BBVA to make significant improvements to its trading-floor surveillance and compliance operations by looking directly into the trading floor audio patterns, detecting languages, pronunciations and accents, to actually understand the context of calls and detect potential compliance risks, flagging them before they occur. In doing so, BBVA will no longer have to carry out manual trade monitoring on its London and New York trading floors – an activity requiring significant staff hours that also leaves organisations exposed to errors and potentially billions in fines.
“BBVA’s decision to extend its relationship with Fonetic is proof of the excellent collaboration between the two companies to eradicate trader fraud in the financial sector,” said Juan Manuel Soto, CEO and Founder of Fonetic. “Fonetic’s relationship with BBVA is pioneering, and sets a precedent for other banks striving to be compliant before the MiFID II deadline. By using Fonetic’s direct phrase recognition, and by not transcribing the voice to text before analysis takes place, Fonetic is the only solution able to guarantee BBVA analysis of 100 percent of the calls 100 percent of the time,” he added.