The MIMICS Payment Processing Module provides a quick and easy way for branches to process various types of payments, including payments by Check (including Cashier’s Checks and Money Orders), Direct Deposit, Credit Advice, ACH, SWIFT and RTGS. This module also can facilitate Remittance Payments and Receipts. Accounting rules can be configured to produce accounting entries for the different payment options, which can be fed to a General Ledger module.
The MIMICS Payment Processing Module allows you to print checks, money orders, and cashier’s checks maintaining a central check register. The system has reports and check processing tools to properly maintain and control the check print processing.
Payee Information – A file of payee information is maintained for proper addressing and tracking, Payees can be marked as temporary to minimize the confusion of many one-time payees.
Customer Information – A file of customer information is maintained. These are the bank customers for which the checks are written to the payees. A loan number or tracking number is used to track all payments for the customer. Customers can be marked as temporary to minimize the confusion of many one-time or short-term customers.
Check Stock – One or multiple stocks of checks can be managed by the system. The template and format of each set of check stock can be customized to your specifications, and can optionally include logos, signatures, and the micr line. Checks can be printed on pre-printed checks or on blank check stock. If you process with multiple sets of check stock, the check numbering sequence can be tracked for each stock independently.
Checks Processing – Checks can have as many line items as will print on the check stub. The user enters the line item (stub amounts) amounts and the system automatically calculates the total check amount. Checks can be processed by the User ID to easily identify a user’s work in the event many branches are processing checks. Checks can also be selected to print by bank customer in the event that there is more than one check for a customer.
Check Numbers – The system can “assign” check numbers or it can create numbers for printing checks on blank check stock. Alternatively, check numbers can be assigned by the user.
Check Reprinting/Replacement – Checks can be reprinted if they are lost or destroyed. They can be printed with the same or different check numbers.
Check Register – A check register allows a central location to maintain and monitor all checks. Checks can be corrected, voided, and tracked.
Check Clearing – Check Status can be tracked, including whether checks are outstanding, cleared, voided, or stale-dated. Checks can be cleared manually or automatically from an import. Stale-dating can happen automatically.
Reports – Reports show check information and status. They also track bank customers’ activity.
The MIMICS Payment Processing Module can track customer DDA/Savings account information, including Bank Routing Number and Account Number, and can produce direct deposit payments. Commonly, DDA payments can be exported via a standard interface, such as ACH or RTGS (described below).
Remote DDA – The MIMICS Payment Processing Module can also produce payments by Remote Direct Deposit. This is for cases where Banks you send deposits to automatically are not connected to you by a ACH network, RTGS network, or other standard messaging network. In this option, the system can produce an export file customized to the format required by the bank in question (there can be different formats for each bank) that can be sent remotely (emailed, uploaded, etc.). Along with the file, a report and/or letter can also be sent electronically to define the contents of the payment file.
Credit Advices can be printed for direct deposit payments. In some cases, payments may be processed by Credit Advice only, without another electronic payment be sent. Credit Advices can be customized to your required format. Any number of different formats (templates) can be customized.
MIMICS can produce NACHA formatted files in the format required for upload to a country’s ACH network. If you are a bank, the file can be processed into your ACH facility. If you are not a bank, your bank may allow the upload of an ACH file through their website for payment processing.
Description of ACH from Wikipedia:
Automated Clearing House (ACH) is an electronic network for financial transactions in the United States and other countries. 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.
For more information, go to http://www.nacha.org/.
MIMICS can interface with the SWIFT Alliance Network for different message types. This module deals with message types related to the sending of payments. MIMICS can facilitate the connection to the SWIFT Alliance through a messaging software such as the IBM MQ Series.
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.
MIMICS can interface with RTGS systems through a customized interface format or through a messaging utility such as IBM MQ Series.
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.
We work closely with you to establish the accounting rules required by your institution. The system can accommodate a complex accounting structure that includes multiple operating accounts and detailed entries. The system will automatically generate accounting entries from your daily operations based on the accounting rules configured and create a daily or real-time export file.
MIMICS General Ledger System
Other general ledgers
Centralize and manage all aspects of client communications including sales/marketing campaigns, and history of service across multiple MIMICS modules. Read More ^
Ensures that your data and system is protected and can be fully accessed or restored in the event of catastrophe. Read More ^
Allows customer forms such as confirmations and statements to be encrypted and emailed automatically. Read More ^
A customized web interface that allows your customers to view history and to place requests, with the look and aesthetics to match your own website. Read More ^
Allows secure, read-only access to aspects of the database of the related MIMICS module, for data mining or to allow you to create your own reports or exports. Read More ^
Includes functionality for general ledger, accounts receivable/payable, fixed assets, payment processing, purchasing and account reconciliation. Can interface with any other MIMICS module. Read More ^
You deserve better financial software. We have been thoughtfully crafting intuitive, easy-to-use software for decades to give you more of what you want, less of what you don’t.
Software should not be one-size-fits-all. We take the time to get to know what makes you you, so that we can customize our software to offer a product that is exactly to your specifications and intuitively easy to use.
Our software does much of the “heavy lifting” of calculating, processing and automating to help greatly boost your productivity, streamline workflow operations and get you moving at optimal efficiency.
Beyond the labor you will save with the wide-ranging functionality our software provides, our customizations give you more of what you want for a lower price than our competition.
We respect the sensitive nature of your information. That’s why we offer industry-exceeding security, including fully-encrypted databases and data tokenization.
We truly pride ourselves on our friendly, responsive customer support, day or night. We love our customers and strive for 100% client satisfaction. But don’t take our word for it; read what our actual users say.
The MIMICS Credit Union Solution is a fully-integrated modular system that handles all core functions needed by a credit union, including:
· Customer Relationship Management
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We are very happy with the MIMICS product that we are currently using. Our staff is very complimentary of the customer service there, as well as the response time.
We are happy with MIMICS. The Repo system we use has been very stable and customer support is readily available if needed.
Software is very customizable, allowing us address needs and changes as they arise.
The method used prior to MIMICS' installation in 2004 was a manual ledger. I'd say 100% increase in efficiency!
After working with MIMICS for over 15 years, I can honestly say their customer service is above and beyond expectations. Whether working on an upgrade to an existing product or requesting an additional service, the response time is exceptional. The staff is always pleasant and accessible!
[MIMICS Item Collections system is] a top-of-the-line domestic item collections software that we not only use for form printing, but also to balance to our general ledger account…we are very pleased with the quality of the product and the service we receive.
Since 2004, the Central Bank of The Bahamas has engaged MIMICS to develop several solutions to automate the processing of dormant accounts, to integrate cash management activities with straight-through processing capabilities, and to provide bondholder accounting for its registrar activities. Through the automation of these activities, the bank has achieved greater efficiency in its operations, with the desired audit trails.
The Bank is pleased with the quality of service support delivered by MIMICS and its demonstrated commitment to ongoing product enhancement in a cost-effective manner.
Saves on time both tracking collections and paying collections. It takes me about 5 minutes every time it is used, compared to 30 to 1 hour-plus by hand.
The system is very efficient for our daily use. It functions exactly the way we need it to.
The Repo software completely automates the pledging of securities to our sweep customers and communicates to these customers their daily positions.
Customer service is fantastic!
Born of the simple idea that your software should do exactly what you need it to do, MIMICS has been making customized financial software solutions since 1976. We craft systems that interface seamlessly with one another as well as with third-party programs to make your business operations run at optimum efficiency. Dedicated to customer satisfaction, we offer remote or on-site installations, trainings and outstanding people support. We are a company built on ingenuity and fueled by possibilities.
We appreciate that without our customers, we would never have made it this far, and we will never take them for granted now or in the future. Ensuring that our customers are always well taken care of is a founding principle of this company, and we will continue always with a customer-first state of mind.
We work hard to create a workplace that encourages inclusion, collaboration, respect and open communication. We have fun together. We listen to one another. We work hard, but maintain a good work-life balance. We always treat ourselves and customers with respect, and have no tolerance for intolerance or discrimination in any form. We support, we help, we drive one another to succeed.
We strive to be leaders of the financial software industry. To us, this means thinking ahead, challenging and pushing ourselves to be better, to do more. Asking questions like ‘How can we make this better for our customers?’ Trying new things and taking chances. We don’t want to keep up with technology, we want technology to follow our lead.
We want our actions to match up with our core beliefs on a daily basis. We also understand the many facets of integrity, from product design, to delivering customer satisfaction as promised, to acting financially responsible. Our reputation has been built on integrity, and we will continue to bolster it with thoughtful intentions and actions.
All of our software is fully customizable, and we work with you personally to tailor our programs to meet the individual needs of your business. Our software will save you time and labor and increase your company’s overall efficiency.
We have been creating software solutions for our clients for forty years now, continuously evolving to meet the demands of an ever-changing technoscape. We offer more functionality and customizations than our competitors, at a competitive price. And our product support and customer service are second-to-none.
We appreciate that our clients often work daily with sensitive information, and the privacy and security of your data is our top priority. We offer SSL (Secure Sockets Layer) and a highly-encrypted database that exceeds industry standards. Also, vulnerable data such as Tax IDs and SSNs are only hosted locally and NEVER reach our database.
We design our products with our customers in mind, making sure they are user-friendly and intuitive. We also full give full tutorials at installation, and our customer service team is always available to help.
Yes! We have clients all over the world, and we can customize any of our programs to be in full compliance of local statutes.
Due to the customizable features, it is virtually impossible to say until we have a better idea of what your needs are. Of course we are more than happy to provide free detailed quotes once we have more information. Annual maintenance fees, as a rule of thumb, are approximately 15-20% of the license fees. Please contact email@example.com or fill out our contact card on the site.
This will vary depending on the programs commissioned, the data conversion, specified customizations, interfacing and accounting specifications unique to you. After we have a good idea of what you want, we can give you a more specific quote, but the average is around 60 days.
Absolutely! We offer live online demonstrations via Webex, and can schedule one at your convenience. We also offer on-site demonstrations at any of our offices, and remote demonstrations if you prefer. For any one of these options, please fill out our online contact card, or email us directly at firstname.lastname@example.org.
Of course! Due to the variety of specific arenas we operate in, we would just want to make sure we have enough information so that we can put you in touch with an appropriate client. Please contact our sales team at email@example.com to facilitate.
Great! You can contact us in whichever manner is most comfortable for you. We would just like some initial information as to your specific needs and goals, and we can go from there. You can contact us via phone, email, or simply fill out the contact card here on our site and we will be in touch shortly.