Parameters

Calculates simple interest or compounded interest using any compounding schedule
Handles interest bearing or discount CDs
Pays according to any payment schedule
Manages cash accounts
Interest rates can be fixed, variable, pegged, or graduated
Interest can be calculated on one of many calendars
Can calculate short and long first and last coupons
Certificates can have automatic rollover capabilities
Manages CDs for multiple corporations or entities

Major Procedures

Interest is projected and accrued daily
Interest payments can be made by check or as a direct deposit
Withdrawal payments can be made by check or direct deposit
Deposits and withdrawals can be back-dated or forward-dated if necessary
Rollovers can be automatic or can be made manually
Can roll over from one instrument type to another
Ownership can be transferred from one holder to another
Instantaneous customer holdings lookup for customer inquiry calls
Issuer liability managed

Maintenance

Check register maintenance, including cleared and voided checks
Automatic system backups at end of day

Exports

Can create IRS 1099 forms and electronic IRS format
Exports to ACH for direct deposits
Text exports for mail merges and other functions
Reports can be printed to Excel or PDF format
Activity for Statements

Reports

Certificate list
Security list
Issuer list
Balance report (detail)
Balance report company (summary)
Check register
Activity report
Interest due
Maturities due
Accrued interest report
Accrued interest (summary)
Accrued interest (company summary)
Liability report
Liability report (with addresses)
Interest paid & compounded (summary)
Interest paid & compounded (breakdown)
Interest paid & compounded (security summary)
Interest paid (breakdown)
Interest paid (customer summary)
Interest paid (customer breakdown)
Interest paid (security breakdown)
Interest compounded (breakdown)
Unpaid, uncompounded interest report
Maturity notices
Mailing labels and envelopes
New Issuers Added

MIMICS Certificate of Deposit Issuance System

MIMICS Certificate of Deposit Issuance System provides the functions of paying agent, registrar, and transfer agent for certificates of deposit. Interest can be simple or compounded and can pay and compound according to a variety of schedules. On the customer side, holdings are tracked, principal and interest are distributed, and 1099s are prepared. On the issuer side, the obligation to the holders is accounted for by the system.

MIMICS Certificate of Deposit Issuance System allows easy issuance of certificates to holders. It allows them to make deposits and withdrawals, and recalculates interest accordingly.

The system contains all the procedures of paying agent for the securities. Interest payments can be made by check or direct deposit. Checks can be printed on blank safety stock or in any other format. A check register is updated with new payments by check and the register can be maintained by entering cleared or voided checks.

If acting in a Trust capacity, payments can be received and applied to the balance of a certificate or customer’s account to be used for disbursing payments.

Rollovers with or without changes to the parameters of the CD can be made automatically or manually.

Commissions are calculated automatically and payments are distributed to the salespeople.

Accounting entries can be created for every event occurring in the system according to accounting rules set up specifically for you. The rules can be changed at any time by the user.

Optional features such as Web Enabling for Customer Access are also available.

If you would like more information about our products and services, please fill out our online request form .