QUMRAM LAUNCHES FULLY-COMPLIANT WHATSAPP SOCIAL MEDIA RECORD-KEEPING

Editorial & Advertiser disclosure

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Videos

Posted By Uma Rajagopal

Posted on September 29, 2016

Despite end-to-end encryption, Qumram enables financial services firms to meet client demand for social media interaction, via WhatsApp, without compromising compliance.

Qumram, a leading global provider of digital compliance and risk management solutions for the financial services industry, has unveiled a solution for recording end-to-end encrypted social media interactions via WhatsApp. Following its September debut at FinovateFall New York (Sep. 9 watch now), and Sibos Geneva 2016 (Sep. 27/28, stand G54), Qumram confirmed its involvement in proof of concept projects with large global banks, requiring compliant digital record-keeping for both WhatsApp (450 million active users), and WeChat (1 billion active users).

Qumram seamlessly records and replays all digital activity, across all digital channels, web, social and mobile. Patrick Barnert, CEO at Qumram, commented, “We are excited to reveal this extension to Qumram’s fully-compliant social media recording suite. Financial institutions can now satisfy client demand for WhatsApp interactions, without risk of breaching regulatory requirements for digital record-keeping.”

“Without doubt, financial institutions in Europe and Asia are proving to be early adopters of social media as a means of interacting with customers. However, social media platforms including WhatsApp and WeChat, which are experiencing exceptionally high growth rates globally, will undoubtedly become important for North American banks too,” said Barnert.

Increasingly, regulation is focusing on digital record-keeping to ensure consumer protection in financial services. Most, including US SEC 17a-4, and MIFID II in Europe, require 100 percent capture and retention of all digital interactions, and immediate access to them, for a period of up to seven years. Social media platforms represent a particular challenge for financial institutions, as the driving force that underpinned their development was freedom of networking, not compliance. With a purpose-built digital record-keeping tool like Qumram, companies can capture a complete view of every digital and social interaction—serving their clients’ needs, while also remaining compliant.

Recommended for you