The vendors are collaborating to advance multilingual transcription technology.
IPC Systems, a trading communication and multi-cloud connectivity provider, is collaborating with VoxSmart, a communications surveillance company, to improve multilingual transcription technology for financial services firms, officials say.
The collaboration will involve artificial intelligence (AI) technology and “real-life conversations had by capital markets professionals,” officials say.
The partnership is intended to yield “a 50-fold increase in speed compared to previous transcription technologies,” and to deliver “unparalleled accuracy in real-time transcriptions across all financial languages,” officials add.
“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 [customer relationship management] applications. This integration opens doors for the development and implementation of proprietary large language models (LLM) and natural language processing (NLP) applications,” according to the announcement. “With billions in fines already levied for non-compliance, the need for highly accurate multilingual AI transcription technology has never been more pressing.”
“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,” says Oliver Blower, CEO of VoxSmart, in a prepared statement. “Our partnership with IPC seeks to change that.”
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