May 22, 2024
22 May 2024, London/New York – IPC, the leading provider of secure, compliant communications and multi-cloud connectivity solutions for the financial markets, has joined forces with global communications surveillance tech firm VoxSmart to significantly enhance the accuracy and efficiency of multilingual transcription technology for financial institutions.
Drawing on cutting-edge artificial intelligence (AI) technology and using real-life conversations had by capital markets professionals, the partnership is set to transform how financial markets operate. Offering a 50-fold increase in speed compared to previous transcription technologies, the new capability will deliver unparalleled accuracy in real-time transcriptions across all financial languages.
The new technology empowers front office trading desks and sales teams to seamlessly convert real-time audio into structured data, permitting them to integrate insights into trading blotters, order management systems, and CRM applications. This integration opens doors for the development and implementation of proprietary large language models (LLM) and natural language processing (NLP) applications.
The news arrives on the heels of remarkable advancements in AI and large language modeling. These breakthroughs enable transcription innovators to create more robust and precise engines. It couldn’t come at a more crucial time for financial institutions, which face increasing regulatory scrutiny on communications reporting. With billions in fines already levied for non-compliance, the need for highly accurate multilingual AI transcription technology has never been more pressing.
Oliver Blower, CEO of VoxSmart, said: “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, SVP Partner Development, IPC commented: “Our partnership with VoxSmart marks a significant leap forward in the realm of financial communications. 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. This collaboration is a testament to our commitment to innovation and excellence in serving the financial markets.
About IPC
A specialist technology and service leader powering global financial markets for over 50 years, IPC Systems is at the forefront of electronic trading connectivity and state-of-the-art cloud communications, setting the standard for exceptional service, innovation, and expertise.
IPC’s customer-first approach is bolstered by an extensive and diverse financial ecosystem that spans all asset classes and connects market participants anywhere in the world for enhanced communication, collaboration, and compliance. Global services include electronic trading, trading communications, and infrastructure-as-a-service solutions.
IPC is ideally positioned to anticipate change and remain aligned with rapidly transforming markets, and to empower customers to adapt to change, now and in the future.
To learn more, visit www.ipc.com, explore our insights page, and follow us on LinkedIn.
About VoxSmart
VoxSmart Ltd. is a global SaaS communications surveillance provider with offices in New York, London, Singapore and Madrid. VoxSmart designs, develops, and deploys cloud-based mobile recording and communications surveillance technology for global financial institutions to manage their business risks and regulatory requirements. Its rapidly evolving technology, with proven accuracy in financial voice transcription and real-time instant message capture, supports over 100 clients with regulatory requirements to monitor and reconstruct all trade communications from voice, mobile, email and chat.
VoxSmart has unparalleled expertise in unstructured data processing and indexing for complex technology environments and believes that by harnessing this data, a business will build a strong foundation for intelligent risk and control analysis. VoxSmart’s goal is to become the global reference for risk and compliance surveillance technology and offer end-to-end remote conduct and employee monitoring that connects a firm’s people, processes, and technology to drive significant operational efficiencies and enable smarter business decisions.
Media Contact
PR Archives: Latest, By Company, By Date