COCC and Online Resources Corp. are joining their core processing and digital banking solutions, respectively, into what they call a highly integrated package for credit unions and community banks.
“The resulting platform will open the door to a broad range of services that will position COCC clients for the next level of productivity gains and revolutionary service advantages in the years ahead,” the companies said in their announcement this week.
Avon, Conn.-based COCC is owned by 124 financial institutions and has a total of 169 clients, including 34 credit unions among the 135 financial institutions using its core processing offering, a version of the Open Solutions DNA platform it has branded as INSIGHT.
Chantilly, Va.-based Online Resources, which was recently bought by ACI Worldwide, has about 450 credit unions among its more than 1,000 client financial institutions and billers. The Chantilly, Va., company has branded its digital banking software under the Architect name.
The combined platforms will be hosted by COCC and use the INSIGHT core system as the single source of record, eliminating the need for separate databases and daily routines to keep both systems in synch, the companies said. The customers and members also will see an integrated presence and no longer be directed away from their institutions’ websites to perform transactions.
“Today’s agreement with Online Resources Corporation enables us to execute our long-term vision of deeper, richer integration of digital banking services for our clients and the industry at large,” said COCC President/CEO Richard A. Leone.
“Working together, our two firms will resolve one of banking’s most complex issues – keeping digital banking in synch with all other channels and services,” Leone said.
COCC and Online Resources said they "anticipate that the vast majority of COCC’s clients will adopt this new platform and its innovative service breakthroughs," which they said will be offered to the greater market as well.