Surveillance technology provider VoxSmart has announced the acquisition of Fonetic Trading to deliver what the firm says will be “a comprehensive communications surveillance offering for capital markets participants”.
The firm adds that recent high-profile regulatory investigations and prosecutions, together with substantial market demand for greater consolidation of the regtech landscape encouraged it to acquire the trading assets of Fonetic as a logical progression into the wider surveillance market.
The acquisition, which includes a suite of multilingual voice and e-comms surveillance and intelligence tools as well as a trade reconstruction engine, allows VoxSmart to offer market participants consolidation of their communications data, while also amplifying their global reach and language coverage. Having built a mobile surveillance business that is currently servicing over 100 global clients, incorporating additional communications channels by acquiring compatible technology was an obvious next step for VoxSmart, the firm adds.
“We have seen time and time again the financial and reputational damage caused by un-monitored or ignored communications,” says Juan Manuel Soto, CEO at Fonetic. “Fixed line audio, mobile phones and messaging platforms like WhatsApp are seen as the weak spots in a bank’s surveillance capability, so are the first to be exploited by bad actors. By pooling our talent and technology, clients will not only benefit from enhanced data integration, but also increased visibility of their trading activity, thanks to a comprehensive suite of communications surveillance and intelligence technology.”
Oliver Blower, CEO of Voxsmart, adds, “We have always worked closely with market participants to tackle global regulatory compliance challenges and we’ve seen overwhelming demand for multichannel and multilingual offerings that not only meet the communication surveillance needs of our clients but substantially ease their procurement and supply chain burden. Welcoming the Fonetic team and technology adds to our surveillance pedigree, while helping us support institutions that are at the forefront of financial services.”