COCC

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.