Technical Implementation
The MiFID Recorder is a classic Software as a Service (SaaS) product and users benefit from all the advantages associated with this operational concept.
The SaaS model is based on the principle that both the software and the IT infrastructure are operated by an external service provider and used by the customer as a service, especially online. All the user needs is a computer connected to the Internet and a connection to the service provider via the Internet.
As a rule, access is via a web browser.
Consequently, there are no acquisition costs for the users, and the service provider, in this case MiFID-Recorder GmbH, takes over the complete IT administration, the operation of the server and all maintenance activities. The service user can thus concentrate fully on his core business.
Billing is based on a license model that depends on the number of users.
The entire functionality of the MiFID Recorder can be integrated into existing systems via API: this makes the initiation of calls requiring recording even easier.
A telephone call can be initiated via a web interface, e.g., your CRM, with just one click and without having to dial a number.
A video call can be started just as easily and directly from your system. In addition, it is possible to automatically create users and assign rights to them, and recordings can be retrieved and additionally stored in the customer folder.
Our developers will be happy to support you in creating an optimal implementation concept for your use case.
The MiFID recorder is based on a modular platform that has been in operation for many years and has been continuously developed. The telephony system is hosted in a carrier’s data center and is therefore subject to the strict standards to which a carrier must adhere when operating a data center. At the same time, this ensures excellent connection quality and optimal call stability, regardless of the network from which the service is accessed. The entire platform operates completely independently of existing telephone systems and can be used for calls from fixed lines as well as from all mobile networks. No software installation or programmatic integration into existing systems is required. The complete infrastructure as well as the connection to the telephone network are designed with multiple redundancy and are dynamically scalable. Consequently, there can be no shortages as far as the number of simultaneous connections is concerned.
The video system was developed on the basis of the state-of-the-art technology WebRTC, which is now implemented in all common browsers.
The entire platform and all connected components were developed in-house: this guarantees a high degree of flexibility and independence. Short pathways are guaranteed as well as the availability of required contact persons and a high management attention.
It has never been more important that DSGVO compliant services be hosted in data centers in Germany. After all, this is the only way to comply with strict data protection requirements and ensure an outsourcing-proof setup.
Services from American companies are thus unsuitable as a legally compliant solution due to the US CLOUD ACTS, as well as solutions that are operated or store their records in a cloud.
The MiFID Recorder works entirely with its own or exclusively used hardware, which is hosted in certified data centers of well-known providers in Frankfurt am Main and Aschheim near Munich.
The consistent certification of all components used, as well as all processes within the company, is an important prerequisite for a quick positive evaluation of MiFID-Recorder as an outsourcing service provider by the compliance officers of the customers.
While the storage solution used by MiFID-Recorder GmbH has been certified by KPMG, particularly with regard to audit security, an annually updated audit report in accordance with IDW PS 880 confirms the solution’s unrestricted MiFID II or FinVermV conformity as well as compliance with the EBA guidelines on outsourcing.
MiFID-Recorder GmbH also has certifications according to DIN/ISO 27001 (Information Security) and DIN/ISO 9001 (Quality Management).
Thus, the recording solution of MiFID-Recorder GmbH achieves an exceptional level of certification.
MiFID-Recorder’s telephone and video recording solution is an in-house development created specifically for this use case. MiFID-Recorder is therefore completely independent from third parties and can therefore react quickly and flexibly to the individual requirements of customers. An adaptation of the call flow is therefore just as easy to implement as individual announcements or an integration of the recording function into the SIP trunk of a customer.
The developer team of MiFID-Recorder GmbH is always happy to support the integration of the functionalities into the user interface of the customers with the help of the provided APIs. A full integration with a selected range of functions tailored to the requirement profile of the customer and his consultants allows a high degree of individualization in terms of the best possible integration of the MiFID-Recorder into existing processes.
