DTCC’s Avox adopts Amazon Web Services cloud
The move is part of a company-wide initiative to implement new technologies to “increase scalability, further enhance the security of the data and reduce costs”.
Donna Milrod, managing director and head of DTCC Solutions, says it built a post-production environment in the AWS Cloud, “combining the very best of human expertise with available technology”.
Avox, which integrates with Clarient Entity Hub, the GMEI utility and Omgeo Alert, will “benefit” from AWS 24/7 support.
Mark Davies, managing director at DTCC Europe and general manager of Avox Data Services, says cloud technology “opens up engineering opportunities”.
He adds: “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.”
Head to the clouds
The move to the cloud has become a common theme across the fintech industry.
Recently, DBS Bank said it was the first Singapore bank to adopt cloud-based productivity technology, Office 365, in the workplace.
Oracle launched its cloud-based Oracle Banking Collections tool – offering lenders a look at debtors’ total financial pictures and features.
IBM also opened a new Bluemix Garage in New York, to offer the city’s developers, entrepreneurs, and fintech firms the use of blockchain on the cloud.