NEW YORK, August 5, 2020– Cloud9 Technologies (“Cloud9”), a leader in cloud-based communications, has partnered with comitFS, a UK-based provider of voice middleware and API abstraction capabilities for financial service organizations, to provide more robust real-time call control capabilities for voice trading within the institutional marketplace.
comitFS’s sophisticated mix of trader voice applications and API’s combined with Cloud9’s advanced solutions for voice collaboration and metadata capture allow institutional traders to seamlessly access workflows, whether working remotely or on the trading floor. The collaboration provides normalized Call Data Records that can be easily added to compliance and reconciliation processes.
“As trading dynamics shift to a more digitally-driven environment, firms want the peace of mind that their voice metadata and daily workflows will not be hampered,” said Brian Hunt, Chief Administrative Officer and Head of Partnerships for Cloud9. “Partnering with comitFS makes perfect sense as the industry continues to adjust to a virtual trading environment that will become more prevalent in the months ahead.”
“We have been building specialist voice API’s using open source technologies for our banking clients throughout our seventeen-year history. We are excited to be partnering with Cloud9 to expose their call data records and call control capabilities to our common customers,” said comitFS CEO and Managing Director Jappy Takhar.
comitFS is the only provider of specialist voice middleware to tier-one banks that tightly integrate their in-house and third-party applications, such as Salesforce’s CRM to report on real-time voice calls and Client voice interactions. This collaboration between Cloud9 and comitFS will offer for the first time its voice middleware in the cloud and it will work seamlessly with on-site setups for call control, CDR reconciliation, and meeting compliance regulations.
Through this collaboration, Cloud9 and comitFS allow financial institutions to address the data storage, workflow, and trade reconstruction rules stipulated under key regulatory mandates and directives such as MiFID II.
About Cloud9 Technologies Cloud9 Technologies is the leading voice communication and analytics platform designed for the unique needs of the financial markets. Cloud9 developed a solution that harnesses the voice communication talk path for the trading floor of the future – offering more functionality and analytic insight than legacy hardware at a fraction of the cost. Cloud9 connects counterparties across all asset classes via a cloud-based communication platform that eliminates the infrastructure and expense associated with legacy hardware and telecommunication-based solutions, with front-office focused data and transcription, purpose-built for the financial markets. For more information, visit www.c9tec.com.
About comitFS comitFS is an independent firm dedicated to providing blue-chip institutions with better financial markets communication technology. Founded in 2003, comitFS developed the leading-edge ”Communication Application Server” (CAS) Middleware specifically to solve the complex challenges of trader communication. CAS underpins a suite of solutions and services from “build” to “support” across – Communication & Collaboration, Regulation & Compliance and Refresh & Transformation of the Communication infrastructure. The Company has offices in New York, London, Singapore, and Switzerland. For more information, visit https://www.comitfs.com/.
MEDIA CONTACTS For Cloud9: P.J. Kinsella EVP, Media Relations, Paragon Public Relations email@example.com +1.973.255.7153
“Cloud9 Technologies, which is using cloud systems to disrupt traditional approaches to trading-floor communications, obtained both the ISO 27001 certification (for information security management) and SOC 2. ‘It was a high bar for us,’ says Gerald Starr, chief executive officer of the three-year-old start-up. It sends a message that Cloud9 ‘aims high’ to instill users’ confidence in information protection.”
These certifications are a crucial show of credibility for fintech vendors, helping instill confidence in firms who are choosing to migrate their most sensitive data into the cloud. As the article points out, even though Cloud9 is using a highly secure and trusted cloud provider like Amazon Web Services, we are still responsible for creating infrastructures that protect the data of our customers as well as architecture for compliance. Achieving both the SOC 2 and ISO 27001 certifications – something no other trader voice communication provider holds – provides independent validation regarding our ability to protect the calls, voice recordings, call data, and business information that users entrust to Cloud9.
It’s a dangerous world out there for financial institutions, but the right partner can provide the best defense against security breaches.When considering a move to the cloud, it’s important for firms to take the time to find a trusted partner that is verified to protect them against cyber threats.
NEW YORK, August 5, 2020– Cloud9 Technologies ("Cloud9"), a leader in cloud-based communications, has partnered with comitFS, a UK-based provider of voice middleware and API abstraction capabilities for financial service organizations, to provide more robust real-time...
The institutional marketplace is gravitating towards a more digitally-advanced ecosystem which is requiring greater technology sophistication and, in turn, more stringent data security and regulation parameters. As traders become more comfortable working remotely,...
We are proud to announce that Cloud9 has successfully completed the Service Organization Control (SOC) 2 Type II certification! Cloud9 is the only trader voice communication provider to hold both the SOC 2 and ISO 27001 security certifications, showing our commitment to information security and the protection of our users’ data.
SOC 2, a certification established by the American Institute of Certified Public Accountants (AICPA), evaluates companies on their Trust Services Principles and Criteria, including security, availability, processing integrity, confidentiality, and privacy of their data management systems. It has become an industry standard for cloud-based technology companies and is the same standard held by Amazon Web Services and Google that validates the security of their infrastructure.
We underwent in-depth assessment by a third-party auditor to confirm compliance with this standard. The process requires comprehensive, written documentation of information security policies and procedures in addition to a technology examination that proves our ability to maintain these standards over time.
Since our founding, security has been our highest priority. Achieving both the SOC 2 and ISO 27001 certifications provides independent validation regarding our ability to protect the calls, voice recordings, call data, and business information that users entrust to Cloud9.
“The SOC 2 certification sets Cloud9 apart and establishes us as the leader in information security for the trader voice market,” said Cloud9 CTO, Leo Papadopoulos. “Following our recent ISO 27001 certification, this reinforces our ongoing dedication to security, confidentiality, and privacy in regards to our data. Our users can be confident that that we are providing them the highest levels of protection for their most sensitive data and communications.”
Read more about our recent completion of the ISO 27001 certification.
The UK and European Union are deeply interconnected when it comes to capital markets, with 80% of EU capital markets activity managed and conducted out of the UK. With Brexit proceedings commencing at the end of March, financial firms in the UK are starting to prepare for the considerable impact on their operations, including market volatility, relocation of headquarters and staff, trade disruption, and changes to regulatory mandates.
Particularly with the issues of relocation and compliance, now is the time for European firms to re-evaluate their trading technology.
Headquarters and Staff Relocation
One of the primary risks of the Brexit is the loss of passporting rights, which allow institutions established and regulated in any country within the EU to do business in another member country without having to secure authorization. The UK is the most active country currently using these rights, with UK-based firms accounting for over 75% of all passporting activity in the EU. UK firms would need to maintain a local presence in the EU to continue enjoying passporting rights.
The loss of passporting rights as well as the loss of the ability to clear the Euro in London has many financial firms evaluating if they want to retain their European headquarters in the UK. While many predict a small movement at first, a chain reaction will likely occur as banks follow their clients, and vice versa. In addition, many UK-based firms will likely face regulatory pressure to develop a more significant presence in continental Europe to effectively conduct business. For now, a UK firm may only need 5 people staffed in the EU, but in a few years, that number may increase to 50 or 100 employees.
In addition to disrupting business operations and the lives of employees, the cost of a move for a financial firm is substantial. Rerouting trader voice communication lines alone can cost firms tens of thousands and can take weeks to properly implement.
For firms considering a move, this period of transition provides best time to re-evaluate current technology for solutions that will cut costs and reduce the disruption caused by relocation.
While it is likely that the UK will need to maintain equivalency with EU regulations in order to continue doing business, the UK will have to establish their own set of regulatory mandates for financial industry. With frequently changing sets of regulations in their future, financial firms have the burden of keeping their systems and technology updated, often a costly task.
Now is the time for firms to make the necessary equipment upgrades and replacements for systems that are more adaptable to changing compliance regulations.
Moving your trading floor? Cloud9 can help. Contact firstname.lastname@example.org to schedule a demo.
We’re excited to announce our joint partnership with Behavox, a compliance software company focused on the financial services sector. This collaboration combines the end-to-end compliance, call recordings, and advanced metadata from Cloud9 with Behavox’s relationship mapping, risk scoring, and behavioral monitoring capabilities for voice trades.
Behavox is valued in the market for its expertise in machine learning, developing robust algorithms based on 16 years of enforcement cases against traders and banks worldwide. Behavox utilizes these algorithms with sound processing, to enable keyword detection, highlight variants in emotion/sentiment, and tie voice records to data points that signal market abuse, insider threat, collusion, or reckless behavior. With this technology, the platform meets the requirements of regulators like FINRA, CFTC, and the FCA, and delivers compliance with Dodd Frank, MAE, SMR, and MIFID II.
Cloud9 is currently the only cloud-based communications solution for the capital markets with a comprehensive strategy around analytics and voice capture. Our platform delivers value by collecting voice recordings as well as enhanced call metadata– adding additional insight not available with legacy services. Cloud9’s partnership with Behavox supports our ongoing strategy to provide customers with a full suite of monitoring, compliance and analytics solutions through integration with leading third-party trading technology providers capable of leveraging Cloud9’s generated voice and metadata.
“At Cloud9, we have created a partner ecosystem that enables us to provide enhanced compliance, analytics and trader workflow capabilities around voice and translate it into actionable data – a feature that was previously unavailable to firms,” said Cloud9 Technologies CEO, Jerry Starr. “Partnering with an innovator like Behavox greatly benefits our customers and enables them to use their recordings and advanced metadata to manage both operational and reputational risk.”
Compliance remains a critical consideration for financial firms as they try to keep up with regulatory changes such as MiFID II being effective from 2018, increased reporting and data capture requirements, as well as the ongoing avoidance of corporate and individual liability.
As a result, firms have tried to solve the problem by investing millions of dollars in compliance, particularly on back office investigators, lawyers, and intelligence officers to sort through and monitor trader communications. Market demand is placing a premium on the quality, processing, ingestion, retrieval and archiving of voice data for front office and compliance purposes. The Tabb Group estimates the global compliance market is at $2.5 billion and still growing.
Learn more about Cloud9’s analytic, compliance, and interoperability services.