Yes! There are two ways to transcribe phone calls with Twilio.
1. Transcription Add-ons
Leverage the IBM Watson Speech to Text add-on or VoiceBase High Accuracy Transcription add-on to transcribe any <Record>, <Dial> , Outbound API, or <Conference> recordings. Add-ons are easy to set up in the Console -- after agreeing to the terms of service and installing, you can configure the type of recordings you want transcribed along with the callback URL you want to receive the transcription webhooks. IBM Watson Speech to Text add-on and VoiceBase High Accuracy Transcription add-on can transcribe recordings up to 4 hours long.
"transcribe=true" attribute of the <Record> verb. This option addresses primarily the voicemail use case and is limited to recordings created via the <Record> verb and with a length of less than 2 minutes.