The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, has revealed that Avox Data Services, the industry leader in legal entity reference data, has migrated its data servers to Amazon Web Services (AWS). Moving from on premises to AWS is part of a company-wide initiative to implement innovative new technologies that will increase scalability, further enhance the security of the data and reduce costs – three of the most widely-recognised benefits of cloud computing.
“Providing safety and certainty to the financial services industry requires DTCC’s team of engineers, programmers and developers to continuously explore new ways to leverage technology-based solutions to enhance the client experience,” said Donna Milrod, Managing Director and Head of DTCC Solutions. “With this in mind, DTCC built a post-production environment in the AWS Cloud, combining the very best of human expertise with available technology. The move reinforces our commitment to adopting solutions that will have the largest potential to improve our applications.”
DTCC’s Avox Data Services, which integrates with Clarient Entity Hub, the GMEI utility and Omgeo ALERT, will benefit from AWS 24/7 support. To help clients effectively manage the complex regulatory environment and related data challenges, DTCC’s integrated entity data management services offer a broad suite of innovative capabilities. Leveraging a utility model, the combined DTCC services lead to greater data quality, reduced unit cost, increased client transparency, more accessibility and greater linkage between various operational processes and platforms for client data management.
“Because of the cloud, we are no longer bound by the physical constraints of equipment or software”, said Mark Davies, Managing Director at DTCC Europe and General Manager of Avox Data Services. “Cloud technology opens up engineering opportunities, turning once difficult, time consuming tasks into solutions that can be achieved in near real-time. We’re in the proof-of-concept stage on a variety of fintech initiatives and this migration will make that evolution much easier. If they prove to be successful, our aim is to drive further innovation for DTCC and our clients in the years ahead.”
DTCC will continue to assess ways to leverage new technology, including the AWS Cloud, across its various applications. In another use case, DTCC recently leveraged AWS for real-time swaps data reporting – a major achievement that has saved the firm significant resources by eliminating the need to buy, build and maintain internal servers, storage and security structures, and ultimately reduced costs for users.
