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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, CKO-CCE). 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 loss arising from borrowers’ insolvency. Information about the operations concerned are then regularly exchanged with the credit insurer (ATRADIUS, EULER HERMES).
Another national register hosted at the National Bank of Belgium is the register of the bank accounts and contracts held by both resident and non-resident persons (CAP-PCC). Each year, the financial institutions have to communicate data regarding the identity of their clients, the identification of the clients’ bank accounts and the types of contracts that were in force in the previous year.
In order to handle unclaimed dormant assets, the financial institutions are required to contact the assets’ holders and beneficiaries. They therefore 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 have not received 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.
Apart the “Dormant assets” motive, the national client register can also be queried 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, their bank accounts to another institution within an automated framework, while respecting of the regulations and imposed delays.
This is realized by automatically exchanging the concerned files via Febelfin.
The BIP module automates the collection of corporate information coming from business information providers, allowing the financial institutions to integrate this information in their own business models.
Newest module of the platform, the BCR module will allow financial institution to respect BECRIS/ANACREDIT regulation in the Belgian context.
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.