OCC Adopts AWS GenAI to Streamline Development
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
The Options Clearing Corporation (OCC) recently announced that it has rolled out Amazon Web Services Generative AI technology to streamline development workflows.
The OCC, which is the largest equity derivatives clearing organization in the world, said that the implementation of AWS GenAI technology will streamline internal development processes and enhance operational efficiency.
The firm’s announcement says that GenAI use has delivered significant improvements in three key areas – Code Testing, Software Deployment, and Knowledge Management.
In Code Testing, GenAI reduces time spent documenting software tests by as much as 80%, saving individuals and teams from hours of highly manual work. In Software Development, generative AI technology is used to streamline the process of checking and updating code, which helps developers identify potential issues sooner and be more efficient at deploying solutions.
Lastly, in Knowledge Management, GenAI simplifies the creation of developer release notes, technical summaries, and procedure documents, enabling teams to organize and share information faster.
OCC To Continue Innovation With The AWS GenAI Help
Scott Mullins, the managing director of Worldwide Financial Services at Amazon Web Services, commented on the move, stating that building with AWS GenAI technology will allow OCC to establish a framework for continued innovation that supports their crucial role in the US financial market.
“The success of OCC’s AI implementation demonstrates the transformative potential of generative AI in financial services operations, particularly for systemically important financial market utilities where reliability, accuracy, and efficiency are paramount,” he added.
OCC has also established a comprehensive governance framework that will ensure its AI implementation is compliant with the current regulations and that it operates in accordance with industry best practices.
In the future, OCC plans to expand GenAI usage across its development operations, including requirements coverage verification and security reviews.
The company is dedicated to promoting stability and market integrity by delivering clearing and settlement services for options, futures, and securities lending transactions.
As for Amazon Web Services, the firm has been the world’s most comprehensive and broadly adopted cloud since 2006. AWS has been expanding constantly to support virtually any workload, and it now has over 240 fully featured services for compute, storage, databases, networking, analytics, machine learning, AI, and more.
The firm operates in 38 geographic regions, featuring 120 Availability Zones, with plans to add 10 more of them, as well as three more AWS regions in Chile, the Kingdom of Saudi Arabia, and the AWS European Sovereign Cloud.
