Rates

  • Fixed, Variable, Tiered, Pegged
  • Rate Tiers User-Defined
  • Rate Pegs user-Defined

Daily Processing

  • No Change- No Action Required
  • Change Balance
  • Change Rates

Deposit Corrections

  • Adjustments To Principal
  • Adjustments To Rate

Payment Processing

  • At Any Time Or By Schedule
  • Assign Description Of Payment Reason

Sweep Processing

  • Automatic Import Of DDA Balances
  • Automatic Calculation Of Investment
  • GL/DDA Entries Created Automatically

Tickets

  • Confirmations For All Trades
  • Statement Of Account Activity

Contra Party Information

  • Demographic/Mailing Information
  • Default Accounting Information
  • Default Trade Preference Information
  • Default IRS Information

Historical Reporting

  • Detailed Transaction Activity
  • Activity For Statements

Security & Audit

  • Multi-Level Passwording
  • Complete Chronological Audit Trail

Interfaces

  • MIMICS Systems
  • GL/DDA Export
  • DDA Import

Display Screens

  • New Deposits
  • Deposit Corrections
  • Outstanding Deposits
  • Interest Accrued
  • Interest Due
  • Payment History
  • Trade History
  • Open Time Peg Rates
  • Description Labels

Standard Reporting

  • New Open Time Accounts
  • Customer Account Processing
  • Daily Account Processing
  • Open Time Corrections
  • Payment Report
  • Trade History
  • Interest Accrued
  • Interest Due
  • Accounting Entries
  • Customer Listing

MIMICS Open Time Deposit System Overview

MIMICS Open Time Deposit System enables your organization to easily manage your customer’s open time deposit accounts. The system handles fixed rate, variable rate, rates pegged to another rate, such as LIBOR, and it also handles simple interest and compound interest. The MIMICS Open Time Deposit System is essentially a tool kit to design a more liquid investment that offers your customers a higher return and helps you earn fee-based income. 

With the MIMICS Open Time Deposit System you can set up any number of accounts, such as savings accounts, with multiple accounts being allowed for the same customer. Setting up the accounts is flexible. For example, rates can be fixed, variable or can float against another rate. The rates can be set according to principal "tiers." The rates against which other rates are floating, "pegs," are user defined. You determine and set the pegs. The interest can be calculated using a variety of calendars, and the interest can also be simple or compounded using a selection of compounding schedules. You can pay interest at any time. 

Sweeping your clients' excess balances into open time deposits is an easy process with MIMICS. Simply enter the target balance on the customer's file when you first enter the customer data. After that, your DDA system passes to MIMICS any outstanding balance in the account. The system can also sweep into repos, fed funds and mutual funds. 

Entry errors are easy to correct. Locate the mistake (perhaps a rate) and bring the correction forward to present. You can make payments whenever you like -- paying principal, interest, both or some of each. 

You can actually "customize" your system to set desired defaults for processing. For instance, if your interest is normally compounded daily, you can choose the default to assist the operator when setting up a new account. Concerned about security? The system is password protected, and has a variety of optional security features.

Make use of those unproductive balances languishing in your customers' accounts, and make some additional fee income. The MIMICS Open Time Deposit System is the tool for you. 

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