IronFX Mitigates Messaging App Compliance Risks with Convrs

Forex | June 25, 2024
IronFX Mitigates Messaging App Compliance Risks with Convrs.

IronFX, an award-winning global leader in online trading, has taken a significant step to harness the potential of messaging apps while ensuring compliance.

Messaging apps are ubiquitous and easily accessible, but using personal messaging accounts for business can lead to compliance issues. When Forex agents use their personal accounts on personal devices to communicate with clients, it poses significant compliance risks. These personal accounts cannot be monitored or documented, which prevents the necessary control and regulation to ensure the security and privacy of clients. This is especially crucial in the tightly regulated Forex industry. So, how can businesses use messaging apps in a compliant manner?

IronFX has partnered with Convrs, an Omnichannel Messaging Platform, to address this challenge. Through the Convrs Platform, IronFX can integrate and utilize preferred messaging apps for compliant communication.

“One of the common misconceptions among Forex brokers is that using personal messaging app accounts on personal devices to converse with clients is acceptable. We aim to dispel this myth to help brokers make informed decisions and avoid the pitfalls of non-compliant messaging. By using business messaging platforms like Convrs, brokers can ensure compliant messaging while safely leveraging the potential of messaging apps for their business. IronFX has done exactly this, and we’re proud to be part of their journey.”

— Enis Mehmet, Convrs, Chief Commercial Officer & Co-Founder

The Convrs Omnichannel Messaging Platform offers:

  • Unified Agent Access and Official Accounts

    • By adding agents to the Convrs Platform, they are assigned profiles within the company’s official messaging account, enabling them to converse via the company’s selected messaging channels. This ensures professionalism and compliant messaging, even on personal devices when using the Convrs Platform.

  • Chat Documentation

    • The Convrs Platform ensures complete documentation of all messages sent and received through the platform. This includes access to chat histories and conversations of agents who may no longer be with the company. Reports and chat transcripts can also be downloaded for internal and external audits.

  • Agent and Messaging Oversight

    • The Convrs Platform allows centralized, real-time access to all ongoing conversations. Supervisors can coach agents, monitor conversations for quality control, and ensure compliance.

“Our partnership with Convrs is highly relevant as it aligns with the growing trend of integrating conversational AI and chat-based customer engagement solutions. Clients prefer real-time personalized interactions and our collaboration with Convrs allows us to enhance our customer service capabilities and improve user experience. The platform's monitoring capabilities enable real-time oversight of agent interactions, ensuring compliance, preventing any wrongdoing and allowing managers to intervene promptly when necessary.

With Convrs our agents can manage their interactions more effectively and efficiently, making it easier for agents to track conversations and provide timely responses. The platform's monitoring features allow our compliance and legal teams to oversee communications, ensuring compliance with regulations and preventing any potential issues. Managers can also monitor agent performance and take over chats when necessary, ensuring that no customer query stays unresolved.

Convrs will simplify communication, will help our company to ensure compliance through monitoring, will allow our compliance to oversee interactions with clients and prevent any wrongdoing and will enable our managers to monitor agent performance and intervene when necessary.”

— IronFX Team

By eliminating the risks of GDPR non-compliance, IronFX can focus on leveraging messaging apps to enhance their business. The improved monitoring and management capabilities provided by Convrs also allow for more efficient insights, informing the next steps and refining approaches for better results.

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