MIMICS Fed Funds System Overview
The MIMICS Federal Funds System processes both principal and agent fed funds. The system has the flexibility of allowing you any number of user-defined categories of funds, such as affiliate overnight purchases and upstream term sales. You can process principal or agent trades. You have your choice of calendars for processing interest, and the term of the funds can be overnight, term or TFN (open).
TFN Trades are held on file and the system will wait for you to make a change in principal amount or rate. If the trade takes the standard rate for the day, and there is no change in principal, there is nothing for you to do because the system will process this for you. If the rates are variable, they can be tied to several principal tiers. Weekly advices to the customers show the principal for each day of the week, the rate for the given day, and the resultant interest amounts and totals.
Agent Funds Transactions will maintain the relationship between the purchases and the sales. Agent funds can also be pooled, and the system handles any number of pools. The pooled funds can then be allocated to any number of upstream purchasers. The system will make sure that agent funds sold will not exceed funds purchased. For pooled funds, the weighted average rate of the sales will be allocated to the downstream purchases. A fee may be charged on either side of the trade, and confirmations are printed to fully disclose the agent relationship.
Any Purchase Amount that is unsold will be pointed out by the system, and it either must have the trade completed by the end of the day or the system will convert the amount, at your option, to principal trades. Rates may be either fixed or calculated as an offset from a weighted average rate. Trades can be TFN, overnight or term.
Worksheets and Reports are generated by the system for compliance and for management. It even includes worksheets that are helpful to your staff for entering TFN changes. If you don't have all the reports you need, you can use the on-board report writer to design your own.
Sweep DDA Balances will eliminate the paper entries. MIMICS can interface with your mainframe GL and DDA systems electronically. Just sweep DDA balances from your downstream banks into fed funds every night - automatically.
The MIMICS Federal Funds System can streamline your processing and eliminate the paper backlog, while making all of the entries exact. It will process the fed funds that you deal with now, and it will handle your future needs. Now you’ll have what you need to handle the increasing volume, and utilize the more exotic features that your customers require. The MIMICS Federal Funds System will keep you and your business competitive, and all for a reasonable price.
If you would like more information about our products and services, please fill out an online form or send us an email.
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Product FeaturesFed Funds Categories and TypesUser-Defined CategoriesPrincipal & Agent TradesTerm, Overnight, TFN (Open)RatesFixed, Variable, Variable TieredRate tiers defined for each categoryTFN ProcessingOnly Enter Daily Principal Changes/Special RatesWeekly Principal & Interest TicketsAgent TradesAny Number Of Specified PoolsAny Number Of Pool ParticipantsComplete Disclosure Of Deal To ParticipantsAutomatic Verification Of Completed DealOne-To-One Agent Trades (Non-Pooled)Forced Matching Of Trades By End Of DayDownstream Agent Fee CalculatedSweep ProcessingAutomatic Import Of DDA Balances/InvestmentAutomatic Calculation Of InvestmentGL/DDA Entries Created AutomaticallyTicketsConfirmations For All TradesDaily Or Weekly TFN Interest AdvicesChange In Principal AdvicesAgent Trade Disclosure ConfirmationsContra Party InformationDemographic/Mailing informationAccounting Defaults & Account NumbersTrade Preference InformationIRS Info & DefaultsHistorical ReportingDetailed Transaction ActivityActivity For StatementsSecurity and AuditMulti-Level PasswordingComplete Chronological Audit TrailInterfacesGL/DDA ExportDDA ImportStandard ReportingReporting By CategoriesDaily Transaction & Outstanding ReportO/N & Term Fed Funds Matured/Canceled ReportTFN Fed Funds Daily WorksheetTFN Fed Funds Weekly RecapAverage PrincipalAgent DisclosureAccounting EntriesCustomer ListingAudit ReportDDFs For Report Writers (similar to Crystal ReportEasy To Use Columnar ReportingFree Form "Statement" Type reportsMathematical CalculationsMultiple Line Item ReportingFile Export To Other PackagesSophisticated AND/OR/IF Statements
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