To enable financial institutions to monitor data on WhatsApp and other encrypted messaging platforms in line with the upcoming European Union (EU) directive, BlackBerry has partnered with the leading mobile surveillance and compliance firm VoxSmart.
Together with BlackBerry UEM (Unified Endpoint Management), which connects and manages endpoints, VoxSmart's 'VSmart' will provide financial services firms with the ability to capture, record, store and analyse mobile voice, text and third-party instant messaging applications such as WhatsApp and WeChat.
"Together with VoxSmart, we can enable businesses around the world to effortlessly capture conversations on endpoints including smartphones, wearables, tablets and laptops," said Florian Bienvenu, Senior Vice President of EMEA Sales, BlackBerry. "This joint solution is an excellent example of how BlackBerry is leveraging its software portfolio and developing strong partnerships to secure the Enterprise of Things," Bienvenu added in a statement.
The companies have partnered to help financial services firms comply on time with the European Union's "Markets in Financial Instruments Directive" ('MiFID II'). MiFID II, which comes into effect on January 3, 2018, demands that all financial services firms in Europe must keep records of all services, activities and transactions for at least five years. Records include all electronic and instant messaging communications, telephone conversations and text messages related to or intended to conclude in a transaction, even if one does not occur.
The directive seeks to make financial markets in Europe more resilient, transparent and investor-friendly. "VoxSmart is the only global mobile compliance solution that can capture, record, store and analyse both voice and third party instant message applications such as WhatsApp and WeChat," said Oliver Blower, CEO, VoxSmart.
"Our partnership with BlackBerry has already led to additional proofs of concept exercises from other global investment banks and financial services firms, who are seeing the MiFID II Directive as a chance to refine their approach to mobile security and compliance," Blower added.
Already successfully deployed to several global investment banks and trading houses, VSmart provides a perfect balance between user experience and compliance, securing and enabling regulated users, all while adhering to stringent global regulations.