VoIP Solutions for Fintech

A VoIP system fulfilling FINRA requirements automatically records all necessary conversations with clients, keeps the recorded files in tamper-proof, write-once storage with customizable retention periods, and provides search tools that make it possible to find certain files based on the date, agent, client, or call contents. The system generates log files containing information about all access to the recordings. You should obtain from your VoIP provider a document confirming their compliance with FINRA requirements and be ready for any help from the VoIP provider during the regulatory examination.

According to PCI DSS requirements, recording and storing cardholder information such as card number, CVV code, and entry of the PIN is prohibited. The pause and resume recording feature automatically suspends the recording of the call as soon as the customer starts giving any card information and resumes recording after processing this data. Without this feature, each recording containing card information would create a violation of PCI compliance.

Yes, there are a lot of fintech companies operating large-scale remote customer support centers using cloud-based VoIP platforms. The compliance controls, voice recording, and supervisor monitoring features perform in exactly the same way no matter if the agent is present in the contact center or works from home. Security issues in terms of remote agents involve mandatory use of virtual private network connections and endpoint security programs, plus configuration of the VoIP platform to limit access from nonauthorized devices or networks.

In the case of platforms with the voice biometric functionality, the voice print is created for each registered customer through the analysis of his/her voice during regular calls. Then, when a person claiming to be this particular customer calls in, his/her voice is compared to the voiceprint, and the match score is generated in real time. If the score is not high enough, the call is flagged for further verification.

A minimum of 99.99 percent uptime should be required, which means there will be only one hour of downtime a year at most. In addition to the percentage, the coverage of the uptime guarantee needs to be reviewed: downtime during maintenance hours will not be counted in, and the remedies for downtime will sometimes be very small compensation credits only. It is advisable to look for service providers with redundant architecture and status dashboards available in real time.

It takes from two to three weeks for smaller banks such as a credit union or a fintech startup with simple routing. For a mid-sized bank with complex integration and numerous locations, the deployment can take from eight to twelve weeks. Large enterprise deployments can take several months and go through a phased deployment process. The vendor's team should provide a clear project timeline with milestones.

Most enterprise VoIP systems support integration with leading core banking software through API integration, built-in connectors, or middleware applications. Once the call is received, account details, loan information, or past transaction history will pop up on the agent’s screen automatically. Campaigns for collecting outstanding payments, contacting loan applicants, or selling additional products can be initiated directly from the core banking application. This will need to be discussed during pre-sales discussions.