- Functional Coverage
COCPIT is the solution for managing the multiple communication flows taking place between financial institutions and third parties.
In order to tackle excessive indebtedness, recommendations and rules must be followed and respected by financial institutions. One of the mandatory actions that a financial institution must undertake is to send information regarding its loans to the Central Credit Register of the National Bank of Belgium (CKP-CCP, CKO2-CCE2). Furthermore depending on the type of loan, consultation of the Central Credit Register is compulsory before any new loan can be granted.
It is also frequent that financial institutions request the service of a credit insurer to avoid suffering from any losses arising from borrowers’ insolvency, information about concerned operations is then regularly exchanged with the credit insurer (ATRADIUS, EULER HERMES).
In order to handle unclaimed dormant assets the financial institutions are required to contact the assets’ holders and beneficiaries. Therefore they send requests to the national client registers (National Register of Belgium, CDV/CDO, through IDENTIFIN) to get some extensive information on these stakeholders.
Then if the financial institutions did not receive any positive answer from the stakeholders, they contact the Deposit and Consignment Office and send them the required information on the stakeholders and on the dormant assets.
Besides the “Dormant assets” reason, the national client register can also be requested through IDENTIFIN for AML and for the CAP-PCC purposes.
The banking mobility module allows the financial institutions to transfer, at the request of the customer, his banking accounts to another institution within an automated framework, while respecting of the regulations and imposed delays.
This is realized by exchanging automatically the concerned files via Febelfin.
The BIP module automates, for financial institutions, the collection of corporate information coming from business information providers, allowing them to integrate this information in their own business models.
The spirit of COCPIT is to be functionally flexible. The selection of the functional modules that integrate the installed package depends on the purpose of the communication.
The information that flows through COCPIT is extracted from financial institutions or third-party information systems. Due to its technical architecture any type of system can be involved: back-offices but also front-offices. In the latter real-time processing is perfectly handled by COCPIT.
The COCPIT solution consists of 7 modules :CKP-CCP: Central Individual Credit Register
CKO2-CCE2: Central Corporate Credit Register
INS : Communication to insurers
DAS : Communication regarding Dormant Assets
IDT : Identifin interrogation
MOB : Banking Mobility
BIP : Business Information Providers
The design of COCPIT allows any module or combination of modules to be part of the installed solution.
The COCPIT layers are :
The Business Components
The Configuration Framework
The Communication Framework
The Business Components have been designed as separate entities that can easily recombined in any COCPIT module, depending of the client’s objectives. This is the flexibility of COCPIT.
The Configuration Framework groups all the functionalities involved in the consultation and management of the numerous parameters. Those parameters are not only core parameters (Users, Security Rights, Accessibility, Roles,…) but also business parameters playing a role in the COCPIT modules.
The Communication Framework groups all the software components involved in the communication between the financial institutions and the third-party systems. COCPIT has a multi-channel enterprise messaging system at its disposal and communicates to the third-parties according to their technical requirements. This can be done a.o. through XML generated and S/MIME encrypted messages. The multi-channel feature allows COCPIT to be connected to many back-office or front-office systems.
COCPIT collects information regarding the financial products and their stakeholders, controls the information and sends it, depending on the module, to Central Credit Registers, credit insurers, the Deposit and Consignment Office (CDV/CDO). The feeding process is done following the required specifications and protocols of those third-party institutions. A high level of automation is present throughout all process stages.
COCPIT sends queries to Central Client and Credit Registers, credit insurers, National Register of Belgium or business information providers in order to retrieve specific or even global information about the financial products and their stakeholders. The results are controlled, stored in COCPIT and become ready for consultation.
Moreover the results can be sent back to the financial institution information systems. This represents a real added value for the product manager as the results may influence his decisions. Queries can be scheduled to be generated automatically but also on demand through COCPIT on-line functionalities. Queries can be grouped in order to be cost efficient.
COCPIT offers a console and several visual functionalities to allow the communication manager to control the different stages of the feeding and questioning processes. Inflow and outflow messages are controlled, statuses are checked, logical and technical errors are tracked and handled.
Correct and improve
Every single feeding message or query is recorded and controlled by the Central Client and Credit Registers, the credit insurers, the Deposit and Consignment Office. In case of a negative response -- this could be a rejection by one of those third-parties -- COCPIT leads to the appropriate corrective functionalities. Then messages and queries are recycled and communication ends up by a success.
Furthermore the third-parties have encouraged COCPIT to develop their business validations and correction functions within COCPIT. This has strongly improved the efficiency of the communication process.
Each information flow that passes through COCPIT from financial institutions to third-parties and vice-versa leaves numerous marks in COCPIT. All the business information remains accessible and can be exploited on-line or by background processes without penalizing the operating tasks.
COCPIT now handles numerous kinds of feeding messages or queries between financial institutions, client and credit registers, credit insurers, the Deposit and Consignment Office. The range of the reports that can be generated has now broadened. Morever the configuration of the data warehouse opens the doors for further development.
COCPIT has been designed to have a large degree of configuration. Not only users, user groups, company visibility accesses and security rights can be configured but also values involved in the feeding, questioning, driving or other business processes. Visual functionalities allow appropriate users to easily manage the configuration.
All those functional components are available for any of the COCPIT modules throughout all the stages of the credit lifecycle: underwriting, approval, reimbursement, default and recovery…
The 3-tier technical architecture
The COCPIT technical architecture is a 3-tier architecture based on light clients using internet technologies (browser), an application server and a database server. Owing to its easy deployment capacities, multi-channel character and possible integration in a portal, this type of architecture can perfectly be incorporated in any institution’s information system. The clients are simply equipped with internet browsers of the Internet Explorer type. The COCPIT software was developed respecting the J2EE standards (which permits it to be installed on a J2EE Application Servers) . COCPIT runs on an Oracle database. The use of the J2EE standards also offers extensive possibilities for evolution and integration with other systems.
The connection to front and back ofﬁce systems
A standard interface unit guarantees a perfect compatibility between COCPIT and the client’s Front and Back Ofﬁce systems.
Moreover COCPIT is delivered with several web services in order to perfectly integrate it into other systems. Of course COCPIT is perfectly integrated with FRONTeO, the multi-channel front & middle office solution from MAINSYS.