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COCC

Core Provider

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  • Functionality & Response to Areas of Focus

  • Quick Facts

Functionality & Response to Areas of Focus

Core Functionality

COCC offers and supports a single core solution called INSIGHT: a next-generation, relational database system that operates in an online real-time processing environment, encompassing all deposits and loans. COCC’s open core technology ensures that we can develop, integrate, and deliver capabilities that you need, when you need them. The core utilizes an Oracle database with a Microsoft Windows-based .NET architecture user interface. This enables COCC clients to stay on the leading edge of innovation. Breakthroughs such as our core processing apps deliver enhancements quicker, in a more cost-effective manner and demonstrate the power and potential of our platform. COCC’s core technology enables us to integrate best-of-breed ancillary products to the core. Because we use the latest technologies, our integration processes are simpler and more complete than legacy systems. This enables us to “shop” for the new and innovative products to improve a financial institution’s capabilities and offer choices to meet each client’s needs. COCC delivers superior service and offers products such as 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 real-time channels.

COCC states that it works diligently to ensure their products and solutions are always at the forefront of cutting-edge technology. COCC clients are always utilizing the most highly adopted, feature-rich, modern standards-based core banking solutions available. Recent products COCC has developed and assisted clients with include Marketing as a Service, Software Developer as a Service, Standalone Digital Bank, Call Center, Cloud-Hosted Workstations and Continuous Security Monitoring (SOC). 

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

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

It states that third parties including modern fintech app providers have benefited from leveraging COCC’s mature API suite.

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

COCC states that it maintains modern technology and makes APIs available to facilitate a range of business needs for clients.

COCC’s clients partner with fintechs using APIs. For example, one of COCC’s banks has a partnership with a unique fintech that offers small-business online 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. COCC maintains the highest level of protection and security for their clients and data.

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

COCC states that as a client-owned service provider, it has 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 review alternative solutions and utilize any ancillary system.
  • Contracts for additional services are coterminous by standard, and COCC is open to working with clients based on their wants and needs.
  • COCC operates to support clients and their business decisions, without impeding decision-making with exorbitant 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 has standardized SLAs that are regularly reported to clients.
  • Contracts are crafted to ensure fair provisions that do not take advantage of clients through unreasonable or excessive fees.

Quick Facts

Quick Facts
Headquarters LocationSouthington, Connecticut
Websitecocc.com
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 SolutionINSIIGHT
Number of US Banks on the Core147
Functionality

INSIGHT is a single, customer-centric 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 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 its strategy is to offer leading-edge core processing, 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 and are instrumental in suggesting new technology solutions for the benefit of the cooperative.

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