The MIMICS Fed Funds module handles both principal and agent trades. Agent trades can be pooled, allowing for allocation to any number of upstream purchasers. Agent confirmations provide full disclosure of the distribution of funds, weighted average rates, and upstream rates. Purchase blocks may be split into any number of sales, and sales may be made up of any number of purchase blocks; any unsold blocks are highlighted for trade by end of the day. Principal confirmations can also be produced. Upstream and downstream trades can be handled. Rates may be fixed or variable. The system can electronically sweep DDA balances from your downstream banks, prepare ACH entries and prepare and print confirmations designed to your specifications.
Highlighted Features:
• Handles any number of user-defined categories of funds, such as affiliate overnight purchases and upstream term sales
• Allows the term of the funds to be set as overnight, term (set maturity date) or TFN (open)
• Allows rates to be fixed, pegged to a base rate, calculated as an offset from a weighted average rate, or based on principal tiers
• Monitors agent funds sold so that they will not exceed fund purchases
• Allows the weighted average rate of the sales to be allocated to the downstream purchases for pooled funds
• Can issue weekly advices to customers that show the principal for each day of the week, the rate for the given day, and the resulting interest amounts and totals
• Includes a full package of standard reports
Contact us with any questions, or to arrange a demo of the system.