Congratulations to the trust department of the First Citizens Trinidad bank for completing a successful on-site training of the MIMICS Bond Paying Agent System!
The training followed the recent, successful implementation of the MIMICS Bond Paying Agent Software, and was focused specifically on preparing the First Citizens team of 25 people for its upcoming User Acceptance Test.
The User Acceptance Test (UAT) is one of the final stages of the implementation process, in which the users “test-pilot” the new software alongside their current system. Once they are completely comfortable using all of its features and any questions about it have been answered, they are then ready to “go live” with their new MIMICS software.
The software First Citizens Trinidad selected to increase productivity is the MIMICS Bond Paying Agent System with Direct Data Connect, Customer Relationship Management and Email Option. This powerful software organizes and simplifies all aspects of the registrar, paying agent and transfer agent to ensure 100% accuracy of calculations while optimizing efficiency.
Before employing the MIMICS software, the First Citizens trust department had been processing all transactions in a largely manual process, which took an excessive amount of time and labor, while carrying the risk of computation errors.
The versatile Bond Paying Agent software features include automated printing capabilities, electronic tax reporting and built-in audit functionality. It also tracks all transfers and sales, and handles payments including interest, principal, maturity, calls and puts. This greatly improves operational speed and accuracy while remaining very easy to use.
Additionally, the flexibility of the MIMICS software enabled unique customizations to meet First Citizens’ individual needs. These included adding additional options required for irregular payment schedules, handling maturity rollovers, creating custom templates for payment processing in TTD (Trinidadian dollars) and adhering to complex Trinidadian laws governing bonds.
The training was done by MIMICS team members Lincoln and Evan, who wish to personally thank the entire First Citizens team on behalf of all of us at MIMICS.
“Many thanks to our friends at First Citizens Trinidad for their attention, great questions, and above all, wonderful hospitality,” Lincoln said. “We look forward to continuing to work with you through the UAT process and on to a seamless transition to the MIMICS platform.”