MIMICS Dormant Accounts System for Central Banks Overview
MIMICS Dormant Accounts System effectively manages your dormant accounts. Our standard system can be customized to your institution's exact needs. We work closely with you to build a software solution that accommodates your institution's unique operations and statement requirements.
The Dormant Accounts System handles the input or import of the newly-dormant accounts in your country. Customer claims can be handled, with or without interest being paid to the customer. Claim checks can be cut to the bank of origin. Dormant account funds can be invested in fixed deposits and the interest accrued can be calculated and reinvested. A full set of reports can be generated.
Accounts can be added directly through the system by a user at your Central Bank, but it is easier for you if the accounts can be sent to you from the originating banks. This can be done via a manual entry through a web interface or by the download of an Excel spreadsheet that is sent through the web interface or even by email to you. All accounts inputted or imported go through a verification process. Accounts can be in any currency, or can even contain commodities or securities. Account reports can be printed by Bank, by Currency, and by Year.
Funds gathered can be invested in Fixed Deposits. Our system allows you to add those deposits. Holdings report can be generated by currency for you to verify against the value of accounts of that currency. Interest is accrued and projected. Maturities Due report can be printed, showing both principal and interest to facilitate reinvesting.
Customer claims can be calculated with or without interest. If you choose to pay interest on the claim, a rate, calendar and date range can be selected, although defaults will fill in automatically. Interest rates can be calculated automatically by the system against the average rate of the investments over the period of time you managed the account. Checks to the originating bank can be printed individually or batched daily, and can be sent along with a letter stating the breakdown of the check by account.
An extensive list of reports is included in the system, including detail and summary reports of accounts by Bank, by Currency, and by Year. Investment reports include multi-currency holdings reports, interest accrual reports, monthly and annual averages reports, and maturities due. History reports can be printed on account entry, account modifications, customer claims, and investments. We work closely with you to create and customize reports that fit your specific needs.
If you would like more information about our products and services, please fill out our online request form.