DTCC shifts reference data services to AWS cloud

DTCC shifts reference data services to AWS cloud

The Depository Trust & Clearing Corporation (DTCC) is shifting more of its applications to Amazon Web Services in a progressive effort to cut costs by migrating to the cloud and eliminating the need to buy, build and maintain internal servers, storage and security structures.

The DTCC's reference data unit Avox data Services is the latest to migrate its data servers to the AWS cloud. This follows an earlier move to use AWS for real-time swaps data reporting, an initiative which the Depository describes as "a major achievement that has saved the firm significant resources".

“Because of the cloud, we are no longer bound by the physical constraints of equipment or software”, says 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.”

AWS is making significant inroads into the financial sector, as market participants bid to cut costs and increase scalability across data-intensive processing tasks.

The DTCC is following in the footsteps of data vendor Markit, which earlier this years embraced AWS' services across a suite of products, including enterprise data management (EDM), thinkFolio, WSO, indices and processing.

Comments: (0)

Embracing Open Banking with Secure and Interconnected APIs
THE STATE OF DIGITAL BANKING, 2019 - Landscape: The Digital Banking Strategy Playbook

Trending Stories