NICE Adds Automated Cloud-Based Transcription to COMPASS

NICE has released NICE COMPASS Discovery, an automated, cloud-based trader voice transcription service that builds on its NICE COMPASS complianceassurance solution.

Working alongside NICE COMPASS, including Automated Bulk Call Extraction, NICE COMPASS Discovery helps firms accelerate investigations and improve their responsiveness to regulators by automating costly and time-consuming manual processes around retrieving, downloading and transcribing large volumes of trade-related communications. Downloaded calls are automatically ingested into the NICE cloud-based voice-to-text transcription system, transcribed, and then packaged together with transcriptions and relevant metadata for sharing with regulators and other requestors. FSOs benefit from:

With this solution, financial services firms can download and transcribe more than a million recordings a day, and add more capacity as needed.

NICE COMPASS Discovery's hosted speech-to-text transcription solution is powered by Nexidia, NICE's automatic speech recognition engine. The speech recognition engine returns highly accurate results regardless of audio quality, speaker accents, dialects, slang and non-standard grammatical patterns. NICE COMPASS Discovery’s transcription engine is also able to transcribe audio in 44 languages.

NICE COMPASS Discovery was designed to work with the NICE Trading Recording System (NTR).

"For complex investigations involving large volumes of calls, finding, downloading, and transcribing every call can be a long, tedious process. There are additional costs and delays when recordings need to be sent to an outside company for transcription. Some financial services organizations have even resorted to trying to stitch together their own solutions using middleware to integrate audio recording and third-party transcription software," said Chris Wooten, executive vice president of NICE, in a statement. "NICE COMPASS Discovery's cloud-based automated transcription service fills this gap by providing a one-stop solution without the headaches and by dramatically improving the speed, consistency, and quality of transcriptions."

NICE COMPASS Discovery is part of the NICE COMPASS solution suite. NICE COMPASS provides automated provisioning, system health checks, call extraction, compliance assurance reporting, and now automated transcription.