Communications and connectivity solutions provider IPC has partnered with communications surveillance technology firm VoxSmart to offer enhanced financial transcription technology.
The product is able to transcribe at 50 times the speed of previous offerings, the firms stated, and covers all financial languages. Developed in light of increased regulatory scrutiny around communications reporting, the solution will allow for greater accuracy and more robust processes, they added.
Front-office trading desks and sales teams will be able to convert audio into structured data in real-time, granting insights into trading blotters, order management systems and customer relationship management applications.
In turn, this will facilitate the development and implementation of proprietary large language models and natural language processing applications, the companies said.
Oliver Blower, CEO of VoxSmart, commented: “Voice-based communications are the lifeblood of many over-the-counter markets. Until now, they’ve been blind spots for many firms, posing challenges not just for compliance monitoring but also for uncovering valuable business insights.
“Our partnership with IPC seeks to change that, equipping financial institutions with the ability to effortlessly meet evolving compliance requirements while gaining a competitive edge by bridging communication gaps in rapidly expanding markets.”
James Tonks, senior vice president for partner development at IPC, added: “By combining our secure, compliant communication solutions with VoxSmart’s advanced AI-driven transcription technology, we are not only enhancing compliance capabilities but also empowering our clients with unprecedented real-time insights and operational efficiency.”
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