Symphony Builds Connections to Text Message Services

Financial messaging and collaboration platform provider Symphony Communications is integrating support for text messaging applications, LINE, and Apple iMessage as additional options within its existing portfolio of messaging applications.

Symphony expects the text messaging connectivity to launch before the end of the year. It will roll out the LINE and iMessage integrations in line with customer demand.  

“We have been working very diligently to build the infrastructure for connecting different Symphony clients, but not every client of our customers is on Symphony. We would love them to be, but they are not and they may never be. So in that context, we have developed a portfolio of solutions, which we call customer engagement solutions,” says Symphony CEO David Gurle.

Symphony was launched by a consortium of banks as a platform for secure communication between financial services professionals. While sell-side institutions like Goldman Sachs and JP Morgan have rolled it out internally, the company has struggled to capture the buy-side market. Gurle, however, told WatersTechnology in April that the company had onboarded 14 new customers in the first quarter of 2020, and “most” of them were buy-side firms. 

Gurle says the company’s portfolio of customer engagement solutions includes four connectivity streams: Community Connect, Customer Connect, WeChat Connect, and more recently, WhatsApp Connect. 

WhatsApp Connect was launched in April to integrate the popular messaging app with the Symphony Community Connect platform, allowing financial firms to onboard customers and interact with them on WhatsApp. Symphony similarly launched the WeChat connectivity channel in December 2019.

“Once the app is installed, our customers will need to onboard their own clients who are in their client relationship management systems of their respective companies, which have been through their own know-your-customer processing,” Gurle says. 

The vendor is currently developing additional functionality for its WhatsApp and WeChat integrations, to allow clients to exchange files such as research documents or trade confirmations.

All the individual messaging channels are encrypted to ensure secure transfer of information between counterparties. In line with the Symphony Connect platforms, all communications and activities on the integrated messaging streams are monitored and recorded to comply with global regulations, including the Markets in Financial Instruments Directive in Europe.

All user content exchanged, including texts, calls and personally identifiable information, is exported to the institution’s surveillance systems to be checked if needed by the compliance teams.

All messages are logged on the Symphony platform and tagged as either a Symphony message, WhatsApp, WeChat or, soon, short message service (the text message integration).

“You can continue to send messages to an external party on Symphony with all the compliance capabilities and information abilities that are the discretion of the institution for which you work, and all the messages are logged and tagged to distinguish them from Symphony messages, WhatsApp or WeChat,” Gurle says.

The WeChat integration differs slightly from the other messaging channels. Symphony is authorized by tech giant Tencent, owner of WeChat, to connect with the messaging app using a mini-application or app store. Symphony therefore built a mini app on the Tencent app store, and users can onboard counterparties to the WeChat stream using a QR code.

When adding contacts to the WhatsApp channel, users can simply add the customer or counterparty’s KYC details, such as their full name and contact details, via the Symphony Connect for WhatsApp interface. The counterparty is then sent a notification to confirm whether they wish to be connected to the Symphony Connect for WhatsApp integration where all interactions will be monitored and recorded.

The Symphony solutions are integrated on approved company devices, including mobile and desktop applications.