The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

Avox Migrates to Amazon Web Services Cloud

Avox Data Services has migrated its data servers to the Amazon Web Services (AWS) cloud as part of a strategic move by parent DTCC to adopt technologies with the largest potential to improve applications. Avox is an early adopter of cloud in the DTCC group and says its move to AWS could reduce the cost of Avox entity data, although its focus is more on the ability to scale, develop better data services and add capabilities requested by clients.

The company migrated its core apps, servers, data feeds and clients to AWS at the turn of this month and says that while data will take a different route to clients, there will be no immediate differences that clients will see.

Mark Davies, managing director at DTCC Europe and general manager of Avox Data Services, says that despite previous concerns about the security and privacy of data in the cloud, many of the company’s clients are themselves using or considering cloud solutions that can deliver scale, perhaps for storage, and opportunity, perhaps to test new projects, and acknowledge that cloud is the way the industry is going.

Talking about Avox’s use of AWS, he says: “We should be able to scale faster and at lower cost, develop new data services and make light touch changes. Over time, this could reduce client costs, but the focus is on adding services that clients want, expanding our data population to more than the two million entities we already manage and making more data updates using different public sources.”

With entity hierarchy data already in place, the company is working with structured data to make and map links between companies such as umbrella funds and subfunds, and legal entities and their branches. While Avox is an early adopter of cloud technology within DTCC, other businesses in the group with which it integrates, particularly Clarient Entity Hub, the GMEI utility and Omgeo ALERT, are expected to step up to the cloud soon.

Related content

WEBINAR

Recorded Webinar: Managing the transaction reporting landscape post Brexit: MiFID II, SFTR, EMIR

The transaction reporting landscape has, for many financial institutions, expanded considerably in size since the end of the UK’s Brexit transition period on 31 December 2020 and the resulting need for double reporting of some transactions to both EU and UK authorities. It has also changed dramatically following the UK government’s failure to reach equivalence...

BLOG

n-Tier Blockchain-Based Reference Data Consensus Solution Aims to Drive Down Errors and Costs

As reference data volumes continue to soar, bringing with them huge data cleansing, validation and management costs, financial institutions are beginning to consider collaborative solutions that can improve data accuracy while reducing cost. n-Tier, a New York headquartered company that helps firms ensure accuracy and completeness of reference data, has joined the party with a...

EVENT

RegTech Summit London

Now in its 5th year, the RegTech Summit in London explores how the European financial services industry can leverage technology to drive innovation, cut costs and support regulatory change.

GUIDE

MiFID II Handbook

As the 3 January 2018 compliance deadline for Markets in Financial Instruments Directive II (MiFID II) approaches, A-Team Group has pulled together everything you need to know about the regulation in a precise and concise handbook. The MiFID II Handbook, commissioned by Thomson Reuters, provides a guide to aspects of the regulation that will have...