Capital One (CapOne) plans to begin sending Omega placements to firms using Collection-Master on or after March 31st. Afterwards, CapOne will ask firms to cease sending NAN files to CapOne and begin sending Omega files. Vertican has proposed a three-step solution that will make this possible.
1) Hybrid Solution – OMEGA in/NAN out will support firms importing Omega placement from CapOne.
2) Full OMEGA Solution – OMEGA in/OMEGA out will be a fully functional Omega interface for all inbound and outbound files with CapOne through Collection-Master.
3) vExchange Solution – will be a full-featured DTP built directly to interface with CapOne as the long term solution.
This proposal has been accepted by CapOne as it meets their business goal timeline for new placements. It gives them the ability to sunset the NAN translator and the NAN post-judgment balance workarounds shortly thereafter. CapOne is currently conducting testing for the current “product type” of the hybrid solution.
Timeline for Implementation February 5 – Collection-Master version 9.1C.018 will be released, enabling clients to import Omega placements. Firms must install this version and register the CapOne Omega interface on the vPortal to activate the interface and receive placements. Vertican recommends that you do so before March 31st to receive placements or to test.
February 19 – Collection-Master version 9.1D.002 will be released with a fully functional Omega interface. This interface will be a traditional in-app DTP. Collection-Master will receive all Omega import files and create Omega-formatted outbound files. The configuration of the Omega Interface in Collection-Master will be simple. A NAN-to-Omega checklist will be provided to document the steps once CapOne indicates they are ready to accept Omega files. Once data is flowing in both directions in the Omega format, the NAN interface may be turned off via the vPortal.
Vertican will continue to develop the next generation vExchange solution. With vExchange, firms will no longer need to import or export Omega files – vExchange will handle it. Firms will be eased into switching to vExchange in the coming months.
If you have any questions, contact Client Services via email or call 1-800-435-7257 ext 1.