NICE Adds Automated Cloud-Based Transcription Service to NICE COMPASS Compliance Assurance Suite
24 Juillet 2018 - 12:30PM
Business Wire
NICE COMPASS Discovery accelerates
investigations and automates manual processes around large volumes
of trader voice communications
NICE (Nasdaq:NICE), the leading provider of
financial communication compliance solutions, today announced NICE
COMPASS Discovery, a new automated, cloud-based trader voice
transcription service. The new service builds on the successful
launch of the NICE COMPASS compliance assurance solution late
last year by giving financial services organizations (FSOs) new
capabilities to save time and money, and improve responsiveness to
regulators.
Whether initiated by regulators or FSOs’ own internal teams,
extraction and review of large volumes of trader voice recordings
are becoming the norm. Rapid response to investigative requests (in
some cases within 72 hours) is mandated by a host of regulations
and standards, including MiFID II, FX Code of Conduct and
Dodd-Frank. Increasingly, when such requests are made, regulators
and legal teams often request transcripts of trade-related calls,
in addition to a complete set of voice recordings.
Chris Wooten, Executive Vice President, NICE, said, “For
complex investigations involving large volumes of calls, finding,
downloading and transcribing every call can be a long, tedious
process. There are additional costs and delays when recordings need
to be sent to an outside company for transcription. Some financial
services organizations have even resorted to trying to stitch
together their own solutions using middleware to integrate audio
recording and third-party transcription software. NICE COMPASS
Discovery’s cloud-based automated transcription service fills this
gap by providing a one-stop solution without the headaches, and by
dramatically improving the speed, consistency and quality of
transcriptions.”
Working alongside the powerful capabilities of NICE COMPASS,
including Automated Bulk Call Extraction, NICE COMPASS Discovery
helps firms accelerate investigations and improve their
responsiveness to regulators by automating costly and
time-consuming manual processes around retrieving, downloading and
transcribing large volumes of trade-related communications.
Downloaded calls are automatically ingested into the NICE
cloud-based voice-to-text transcription system, transcribed and
then packaged together with transcriptions and relevant metadata
for easy sharing with regulators and other requestors. FSOs benefit
from:
- Faster investigation turnaround
times: Trader investigation turnaround times are significantly
reduced. There’s no waiting to send audio recordings out to an
external company for manual transcription, and no waiting days to
get transcripts back.
- Cost savings: FSOs no longer
need to send audio recordings out to expensive third-party
providers for manual transcription; they only purchase the
processing hours they need.
- Fewer headaches: NICE COMPASS
Discovery offers an all-in-one solution without the headaches of
custom integration and middleware.
- Scalability: FSOs can download
and transcribe over a million recordings a day, and add more
capacity as needed.
- Greater accuracy and
consistency: NICE COMPASS Discovery’s hosted speech-to-text
transcription solution is powered by Nexidia, NICE’s award-winning
automatic speech recognition engine, which offers an extremely high
degree of consistency compared to other automated transcription
tools and manual (human) transcription methods.
Additionally, trader communications come with a unique set of
problems for transcription – including slang and jargon,
overlapping speech and pitch variations, and short audio clips.
NICE’s speech recognition engine returns highly accurate results
regardless of audio quality, speaker accents, dialects, slang and
non-standard grammatical patterns. NICE COMPASS Discovery’s
transcription engine is also able to accurately transcribe audio in
44 different languages.
NICE COMPASS Discovery was designed to work with the NICE
Trading Recording System (NTR). Used by most of the world’s leading
banks and investment firms to record and retain trade conversations
from turrets, desk phones, mobile phones, and Unified
Communications platforms, NTR is an ‘all-in-one’ compliance-focused
trade conversation recording platform.
NICE COMPASS Discovery is part of the NICE COMPASS solution
suite. NICE COMPASS helps Financial Services Organizations
streamline their compliance assurance processes through automated
provisioning, system health checks, call extraction, compliance
assurance reporting, and now automated transcription.
NICE is a leading financial compliance solution provider,
serving more than 90 percent of the largest investment banks
globally. NICE’s compliance solutions assist customers in the
capture of trade conversations and trades, analyzing them for
potential risk, and correlating trade conversations with trades for
trade reconstruction. The company's compliance solutions make
automated and intelligent holistic trade compliance programs
possible and enable FSOs to more efficiently comply with regulatory
requirements, including MiFID II, MAR, FX Code of Conduct,
Dodd-Frank and future directives.
About NICENICE (Nasdaq:NICE) is the worldwide leading
provider of both cloud and on-premises enterprise software
solutions that empower organizations to make smarter decisions
based on advanced analytics of structured and unstructured data.
NICE helps organizations of all sizes deliver better customer
service, ensure compliance, combat fraud and safeguard citizens.
Over 25,000 organizations in more than 150 countries, including
over 85 of the Fortune 100 companies, are using NICE solutions.
www.nice.com.
Trademark Note: NICE and the NICE logo are trademarks or
registered trademarks of NICE Ltd. All other marks are trademarks
of their respective owners. For a full list of NICE’s marks, please
see: www.nice.com/nice-trademarks.
Forward-Looking StatementsThis press release contains
forward-looking statements as that term is defined in the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements, including the statements by Mr. Wooten, are based on
the current beliefs, expectations and assumptions of the management
of NICE Ltd. (the Company). In some cases, such forward-looking
statements can be identified by terms such as believe, expect, may,
will, intend, project, plan, estimate or similar words.
Forward-looking statements are subject to a number of risks and
uncertainties that could cause the actual results or performance of
the Company to differ materially from those described herein,
including but not limited to the impact of the global economic
environment on the Company’s customer base (particularly financial
services firms) potentially impacting our business and financial
condition; competition; changes in technology and market
requirements; decline in demand for the Company's products;
inability to timely develop and introduce new technologies,
products and applications; difficulties or delays in absorbing and
integrating acquired operations, products, technologies and
personnel; loss of market share; an inability to maintain certain
marketing and distribution arrangements; and the effect of newly
enacted or modified laws, regulation or standards on the Company
and our products. For a more detailed description of the risk
factors and uncertainties affecting the company, refer to the
Company's reports filed from time to time with the Securities and
Exchange Commission, including the Company’s Annual Report on Form
20-F. The forward-looking statements contained in this press
release are made as of the date of this press release, and the
Company undertakes no obligation to update or revise them, except
as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20180724005383/en/
Corporate Media ContactNICE ActimizeCindy Morgan-Olson,
201-551-5202cindy.morgan-olson@niceactimize.comorInvestorsNICEMarty
Cohen, +1 551 256 5354, ETir@nice.comYisca Erez +972 9 775 3798,
CETir@nice.com
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