GreenKey Technologies, the creator of an artificial intelligence (AI) and voice-driven collaboration tool for financial market participants, said the US Patent and Trademark Office accepted its application “for human speech-to-text and subsequent interpretation of spoken financial trades in a fast and accurate manner.”
GreenKey said the speech engine GreenKey Scribe “is trained on terabytes of financial conversations and allows for human error correction to achieve industry-leading transcription accuracy.”
It said Scribe uses proprietary decoding techniques to transcribe audio up to 10 times faster than other engines and includes natural language processing libraries called Product Class Interpreters to automatically extract relevant data from a conversation.
The tool was designed to help financial firms comply with MiFID II, which requires the capture of all communications and orders intended to lead to an execution, even if they do not result in a trade.
“This is especially difficult if the quoting and trading takes place over the phone,” said GreenKey.
“With GreenKey’s patent-pending speech-to-text solution, quotes and trades can be extracted directly from historical or real-time conversations and then fed into any execution, analytics or compliance system.”
Anthony Tassone, Chief Product Officer of GreenKey Technologies, said: “Scribe learns the nuances of each spoken instrument from the error corrections provided by the user, ultimately enabling accuracy levels as high as 98%.
“By voice-enabling the trader’s workflow, you can maintain a complete audit trail of all voice conversations searchable by quote as well as voice-populating trade tickets or internal systems up to 10 times faster than typing.”