MIMICS has interfaced with over 150 different third-party systems over the years, for various reasons, such as Electronic Data Interchange (EDI), Daily/Periodic Interfaces and Data Conversions. These interfaces have been facilitated a number of ways, including the following:
- Direct Third-Party Database Access
- File Transfer
- Flat File
- Fixed Width
- Delimited File
- Excel Spreadsheet
- XML file
- Web Services
- API interfaces
- Third-Party Transport Programs
Of these various interfaces offered by MIMICS, we would like to highlight a few:
SWIFT is the Society for Worldwide Interbank Financial Telecommunication, a member-owned cooperative through which the financial world conducts its business operations with speed, certainty and confidence. More than 9,000 banking organisations, securities institutions and corporate customers in 209 countries trust us every day to exchange millions of standardised financial messages. (from http://www.swift.com/)
Automated Clearing House (ACH) is an electronic network for financial transactions in the United States. ACH processes large volumes of credit and debit transactions in batches. ACH credit transfers include direct deposit payroll and vendor payments. ACH direct debit transfers include consumer payments on insurance premiums, mortgage loans, and other kinds of bills. Debit transfers also include new applications such as the Point-of-Purchase(POP) check conversion pilot program sponsored by NACHA-The Electronic Payments Association. Both the government and the commercial sectors use ACH payments. Businesses are also increasingly using ACH to collect from customers online, rather than accepting credit or debit cards. (from http://en.wikipedia.org/wiki/Automated_Clearing_House). For more information, go to http://www.nacha.org/.
Real time gross settlement systems (RTGS) are funds transfer systems where transfer of money or securities takes place from one bank to another on a "real time" and on "gross" basis. Settlement in "real time" means payment transaction is not subjected to any waiting period. The transactions are settled as soon as they are processed. "Gross settlement" means the transaction is settled on one to one basis without bunching or netting with any other transaction. Once processed, payments are final and irrevocable. (from http://en.wikipedia.org/wiki/Real_Time_Gross_Settlement)
The Corporate, Municipal, and UITs (CMU) system provides all of its customers with RTTM - a single pipeline, a common processing platform, and a standardized message format for the U.S. fixed income markets. RTTM reduces execution and settlement risk as well as costs because it allows customers to maximize the volume of trades that match on trade date, and ensures that trades are locked in and ready for settlement, moments after they've been submitted. It also allows firms to fix any processing problems the same day when an error occurs, rather than waiting for the following morning, as in the previous batch processing system.
RTTM is the matching mechanism for CMUs, however, clearance & settlement remains with the existing systems established at NSCC. Both NSCC and FICC are wholly-owned DTCC subsidiaries. FICC, which began operations on January 1, 2003, was created through the merger of the Government Securities Clearing Corporation (GSCC) and MBS Clearing Corporation (MBSCC).
The Corporate, Municipal and UIT services offered by FICC avails participants membership to Real-Time Trade Matching (RTTM) Services. (from http://www.dtcc.com/products/fi/fixed_income_cmu/ps_index.php)
Data Provider Interfaces, including Interactive Data
MIMICS interfaces with various data providers to import information such as pricing, factor information, CUSIP information, and exchange rates. MIMICS is also partnered with Interactive Data (http://www.interactivedata.com/) to interface with their services, including DATAFEED.
General Ledger Interfaces
Although MIMICS offers a General Ledger system, MIMICS also interfaces with numerous third-party General Ledger systems to export accounting entries on a real-time or batch basis.
MIMICS can also customize any type of interface for an hourly charge.
If you would like more information about our products and services, please fill out our online request form.