The MIMICS Item Collections system automates the receiving, collecting and processing functions of your collections department. It is designed to send and receive collection items, issue receipts and maintain a pending file of open items. It issues collection documents to paying and presenting institutions, disburses collected amounts to payee by check or direct deposit and handles any fees. It also interfaces to your GL system.
The MIMICS Item Collections system expedites your department's processing while providing additional features to increase productivity. It handles the entire processing, from presentation of the item through receiving payment from the paying agent and paying the presenter.
The system processes drafts, coupon envelopes, bonds, NSFs, foreign items and any other kind of user-defined item. Any number of items can be presented by a single presenter and as soon as you record them you can give the presenter a single receipt that contains all of the items. When your customer calls you to track down the item's status, the information can be found quickly and a tracer can be printed. Presenters and paying agents are kept on file for future use to eliminate re-entry of the information.
If some of the items become due on a receipt while others are not yet due, these items may be paid while others are not yet paid. The system keeps track of the items paid, those due and paid, and those due but are still receivable. You can even pay the items before payment is received. If you have items that are un-collectable, they can be marked as such without your needing to cancel the receipt.
The system creates collection letters for incoming and outgoing items. It also creates tracers, receipts and virtually any type of form you require. It also prints a wide variety of reports. All forms can be micr encoded if necessary.
Fees are maintained and entries can be transmitted to your GL and/or DDA system, eliminating error-prone and time-consuming manual entries.
The checks and balances in the MIMICS Item Collections system will ensure incorrect entries are not made.
The optional Item Collections Consolidated Reporting Feature includes consolidated reporting between the different branch locations allowing for reporting across the banks. The lead bank can print reports for branches individually as well as printing consolidated reports. The status of items can also be viewed on-screen across all branches.
Please contact sales@mimics.com for more information or to view a free recorded demo.