UK-based regulatory compliance tech developer eflow Global has revealed a major update to its eComms surveillance solution, leveraging a new sophisticated form of decision automation.
This enhanced solution empowers financial firms to ingest and archive unstructured voice, communication, calendar, messaging and collaboration data to be monitored and tested alongside structured trade data within TZ.
TZ is eflow’s flagship software. Offered as part of the TZ suite, the enhanced eComms module will sit alongside the company’s existing solutions, including trade surveillance, best execution and transaction cost analysis, providing customers with an integrated suite of regulatory compliance tools.
eflow’s eComms solution is currently scheduled for release in Q1 2023.
This updated solution leverages a sophisticated form of decision automation, which aims to reduce human intervention needed for eComms surveillance. Powered by machine learning, the decision automation feature uses natural language processing, sentiment analysis, behaviour profiling and entity relationship analysis to provide insights on unstructured data.
Following this, TZ automatically uses these insights to associate unstructured data with relevant trades when testing for market abuse and manipulation.
eflow stressed that despite the impressive machine learning feature set, all automated decisions will still ultimately be controlled by the end users. They will have the ability to override and adjust them as needed.
The company added that this feature can save users from having to run multiple queries, but also reduces the risk of oversight to ensure users have all the context needed and ensuring no suspicious communication is missed.
To ensure flexibility, the solution is agnostic towards data type. Users can ingest unstructured data from all email providers, Microsoft Teams, Slack, Bloomberg messaging, Red Box call recording and all other communication platforms firms use.
Finally, eflow stated that all unstructured data is normalised before being encrypted and achieved in WORM format to ensure accurate testing and compliance with MiFID record keeping regulations.
Speaking about the latest development, eflow Global CEO and founder Ben Parker said, “As with all of our offerings, our eComms solution really prioritises lightening the workload of the end user.
“We know that real-life expertise will never be replaced, but by automating certain time-consuming processes, end-users can retain control while greatly reducing time spent on ensuring compliance. The decision automation functionality of TZ gets us to that point.”
Speaking on the decision to prioritise their work in the eComms space, Parker also spoke to the recent COVID-19 pandemic. “Increasing focus on our eComms offerings has always been on our development process, but the rapid change in working practices over the course of the last 2 years has accelerated our work.”
It has been a busy year for eflow. Earlier this year, eflow completed a management buyout. The company, which has a family-owned majority, led a buyout of all the remaining VC positions in the company. This was supported by a funding structure provided by SME capital.
This move was aimed at helping the RegTech company enter the next phase of growth. It described the buyout as a ‘new period of technological innovation and geographical expansion.’
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