Formicary Simplifies Instant Messaging Compliance With New Group Chat Offerings

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ChatSeer Exporter and Ethical Wall ease compliance headaches of persistent Group Chat

Formicary, a specialist technology integration company for the financial services industry, has strengthened its Chat compliance offering with two new products which complement its existing ChatSeer application. ChatSeer Exporter and Formicary Ethical Wall have been developed to make it easier and more cost effective to ensure that the growing number of Chat discussions occurring around large organisations don't slip through the compliance net.

Microsoft Office Communications Server (OCS) 2007 R2 simplifies how people and groups communicate with each other. However, as with email communication, there are very strict corporate and legal reasons on how these conversations are conducted and managed.

For example, MiFID stipulates that organisations must have a record of all communications 'readily accessible' and also kept in a state so that they can 'not to be manipulated or altered'. But with hundreds of conversations happening simultaneously in a typical large organisation such as a finance house, this can be a challenge.

To make it easier for organisations to achieve and manage this compliance in line with their own specific needs, Formicary has added ChatSeer Exporter to its existing ChatSeer offering.

ChatSeer Exporter seamlessly connects Instant Messaging (IM), Group Chat and Microsoft Office Live Meeting systems to a legally compliant long term storage device from which they can be retrieved if required. The stored data provides information containing who said what, when, to whom and who has access to this information in accordance with the requirements set forth by the respective financial governing bodies including the SEC, NASD, FSA, MiFID and Sarbanes Oxley.

For organisations who want to include the ability to search on the messages held in the long term storage device, ChatSeer Portal is designed to ease discovery and investigation requests for the next generation of IM, Group Chat and web conferencing applications. ChatSeer's powerful search mechanisms mean that it can search through huge volume of messages in an incredibly short space of time. For instance, ChatSeer can search though 250 million messages in just five seconds while competitive products have been known to take hours to perform similar searches.

Additionally, unlike competitive offerings which translate IM and Group Chat into email format before storing, ChatSeer and ChatSeer Exporter save messages in their native format so that accurate reconstructions of full multiparty IM and Group Chat conversations can be quickly and easily conducted.

As well as complying with storage and retrieval aspects of regulations, there are occasions where two participants or groups of participants should not be able communicate with each other, such as discussions between investment traders and market researchers. These situations were referred previously as Chinese Walls and now known as Ethical Walls.

Formicary Ethical Wall has been developed to segregate users in order to avoid conflict of interest issues. This segregation would be based on some known criteria, such as an HR people management database, and would prevent the communication between parties via OCS and in particular Group Chat conversations.    

Commenting, Howard Travers, business development director, Formicary says, "The pace of adoption of Microsoft's Office Communications Server (OCS) is accelerating. But simply having the right infrastructure in place to facilitate Instant Messaging and Group Chat discussions is only part of the story. Organisations need to be able to manage the ever growing number of conversations, not just to ensure compliance but to reap maximum benefits from the technology. The Formicary products are designed to help them protect the technology in the most appropriate way to meet their specific requirements."

About Formicary Ltd:
Formicary is an information technology company that specialises in building integrated applications/solutions to maximise business efficiency and streamline business processes for the Financial Services industry. Founded in 2000, Formicary brings together a world class team of talented and dedicated professionals with industry experience covering Unified Communications (particularly Persistent Group Chat), business integration, trading and risk systems integration and Cross Asset Trading applications. This knowledge, coupled with technical excellence ranging from legacy client/server to cut¬ting edge technologies, enables Formicary to offer innovative and sophisticated services and software to help clients improve their productivity and increase their return on investment. Formicary has offices in Europe, North America and Asia Pacific.

All product and company names herein may be trademarks of their respective owners.


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Angeline Cheng
Formicary Ltd
+44 207 920 7106
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