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Core Provider

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  • Functionality & Response to Areas of Focus

  • Quick Facts

Functionality & Response to Areas of Focus

Core Functionality

COCC states that it offers and supports a single core solution, called Insight, which is a next-generation relational database that operates in an online real-time processing environment. The Insight core solution utilizes an Oracle database with a Microsoft Windows-based .NET architecture user interface that enables COCC to integrate best-of-breed ancillary products to the core. Because COCC uses the latest technologies, this allows COCC to offer new and innovative products to improve a financial institution’s capabilities and offer choices to meet the institution’s unique needs. COCC provides products for all aspects of a financial institution’s needs including: cash management, business intelligence, reporting, digital banking, loan origination, dashboards, financial management, voice response, wire processing, ATM/debit card processing, online account opening, and other systems to code to COCC’s core API and communicate via a real-time channel.

Designed around the customer, COCC states that it continuously works to enhance products and services to allow clients to be on the forefront of their product offerings, to remain efficient, to manage and utilize data and to enhance overall operational effectiveness. Some recent products COCC developed to assist clients include Marketing as a Service, Software Developer as a Service, Standalone Digital Bank, Call Center, and CloudHosted Workstations.

While the data centers are virtual, Insight is currently not in the cloud, but COCC intends to move there in the next five years.

Firm's Response to Core Committee's Key Areas of Focus

COCC states that as a cooperative, their clients are also the sole owners of the company and through client representation at the board of director level, assist in providing strategic direction of the business. This allows COCC to give clients access to all of their data and assist with data needs without prohibitive and punitive costs.

Thus far, all third parties including modern fintech app providers, have not requested FDX protocol and instead have benefited from leveraging COCC’s mature API suite. COCC will remain flexible and evolve as this landscape changes.

COCC states that clients have been able to build highly effective, custom applications within the Salesforce development framework, facilitated by COCC’s approach to enabling open access to data and APIs. 

COCC states that supporting by the focus of COCC’s clients’ business objectives, COCC can maintain modern technology and make APIs available to facilitate a range of business-needs for clients.

COCC’s clients have partnered with, and will continue to partner with, fintech companies using APIs. For example, one of COCC’s banks has a partnership with a unique fintech firm that offers small business banking, targeting startups and entrepreneurs looking for an alternative to banks. This partnership enables COCC’s client to acquire core deposits, while the fintech firm provides a leading-edge business account acquisition and digital business banking platform.

APIs are available to all COCC clients and their partners, and they currently support hundreds of connections to third party providers. These APIs are supported by detailed specs such that banks are not dependent on COCC’s engineering resources to connect third parties.

COCC fully supports the vision of a move to consumer authorized data sharing, including what may be facilitated with an OAuth 2.0 framework or similar. When COCC clients are ready to support this access, COCC is well positioned to help develop a plan and execute on such an initiative. COCC states that this will be done judiciously, with consideration beyond technology and into assisting COCC and clients, to maintain the highest level of protection around the data.

(Including Exclusivity, Coterminous Contracts, Deconversion Fees, Limitation of Liability, SLAs and Early Termination Penalties)

COCC states that as a client-owned service provider, they developed a contract that is equitable to all parties. COCC’s partnership approach and contract provisions, including those below, are specifically intended to protect and support COCC’s clients.

  • Clients can, and encouraged to, review alternative solutions and utilize any ancillary system they desire.
  • Contracts for additional services are coterminous by standard, and COCC is always open to work with clients based on their unique needs.
  • Operates to support clients and their business decisions, without impeding decision making with unreasonable and excessive fees.
  • Limitation of Liability is approached with clients in a mutually beneficial manner.
  • SLAs are devised to provide assurance that COCC maintains optimal service levels. COCC does have standardized SLAs which are regularly reported to clients; however, COCC works closely with clients through supportive, collaborative and communicative means in a manner that makes SLAs simply a formality.
  • Contracts are crafted to ensure fair provisions that do not take advantage of clients through unreasonalbe and excessive fees.

Quick Facts

Quick Facts
Headquarters LocationSouthington, Connecticut
Year Established1967
Ownership ModelClient-owned Cooperative
Regionally Focused or NationalRegionally focused in the northeastern United States: Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, and Vermont 
Number of Cores Offered1
Name of Core SolutionInsight
Number of US Banks on the Core145

COCC states that its Insight core solution offers a full suite of products and services that help clients remain competitive in today’s financial services and technology marketplace.

Insight is a single, customercentric solution for both retail and commercial clients, combining CIF, loans (including commercial, consumer and mortgage), deposits (including commercial, consumer and IRAs), safe deposit box, as well as platform, teller functions, back-office processing, contact management, and sales/ referral tracking. There are no separate applications or modules for account opening, maintenance, customer records, printing forms and transaction processing. All of these functions exist within a single core solution with built-in relationship views, dashboards, workflows/setup wizards, and customizable menus for streamlined navigation. Insight also offers extensibility through app technology that enables banks to quickly deploy customized functionality to the core, such as enhanced screens, custom dashboards and new reports. 

Target Bank Asset SizeLess than $10 billion
Business StrategyCOCC states that it was formed in 1967 by two community banks as a means of aggregating core processing technology solutions and costs. Over the course of more than 50 years, COCC has become a well-known and highly respected financial services provider, offering leading-edge core processing and ancillary products and services to community banks and credit unions. COCC is client-owned and operates with a cooperative structure that promotes high levels of client involvement and customer service. COCC states that this cooperative spirit has developed into a “community” of clients that regularly leverage the collective knowledge of the client base through a variety of channels and are instrumental in suggesting new technology solutions for the benefit of the cooperative. COCC states that their approach as a trusted business partner is more than just the technology COCC provides to community financial institutions, the company says; it is developing a strong culture in which growth, leadership, partnership and innovation are woven into COCC’s service.