A Grand Symphony for Major Banks

By Prachi Makkar,
Money and Investing Writer

symphony

The social media network giant FacebooFrom AOL Messaging to Myspace to Google Hangouts, we now have Symphony, a new platform for secure private messaging, but not just any type of messaging meant for you and me.

In a time of experienced hackers and financial scandals, Symphony provides a private system that also complies with regulations.

Symphony Communications Services emerged into the instant messaging world from a new angle.

The company established itself as a very realistic messaging platform for financial institutions.

The CEO and founder of Symphony, David Gurle, plans to take the company even further as he said that being a financial services messaging platform is just the start and will help the company grow in the future.

Being a messaging service for the financial world means that the company has to be extra careful with the security and privacy of their messages and clients.

Symphony protects against cyberattacks and also provides a compliance solution for companies. According to Symphony’s website, they deliver a secure, cloud- based communications service where individuals and markets come together to share content without compromising compliance.

Its platform helps safeguard against cyber threats.

Their operating system helps strengthen their customer’s compliance because they help track all of their messages and communication through the platform.

The data on their platform lasts for as long as the customer’s request it to last.

With end to end encryption and their state of the art cybersecurity, messages are ensured to be secure.

Symphony’s unique features, security measures, and new platform drew in four major banks.

New York’s top banking regulator struck a deal with these banks on the record keeping requirements for the use of Symphony’s messaging platform.

The deal requires the banks to store their chat information on Symphony and back up the content.

The four major banks in the deal are Deutsche Bank, Credit Suisse, Goldman Sachs, and Bank of New York Mellon.

These banks have agreed to requirements from The New York State Department of financial services on the chat platform.

Representatives from Gildman Sachs and Bank of New York Mellon said that they are happy to be working with Symphony to ensure safeness of their information.

Symphony’s platform is similar to a Bloomberg terminal which makes it more appealing to financial institutions.

The deal says that for seven years Symphony will retain a copy of these four major banks’ messages.

With Symphony’s secure system, they can help ensure that these chats and records will not disappear and can be found if needed for an investigation or for regulators.

In order to ensure security, banks will also duplicate and store copies of the decryption keys for messages with independent clients.

Anthony Albanese, acting superintendent of The New York State Department of financial services, said that they are glad these banks are working cooperatively with them in regards to this new messaging platform.

Dow Jones & Co., which is the owner of The Wall Street Journal and Dow Jones Newswires, will be providing news updates on Symphony.

Symphony Communications Services has gotten backing from many major financial institutions and seems like it will continue growing.

A version of this article appeared in the Tuesday, September 22nd print edition.

Contact Prachi at
prachi.makkar@student.shu.edu

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