News & Articles

Customizing Financial Software Solutions
  • MIMICS is bringing a team to the 2019 World Credit Union Conference this summer. The conference runs from July 28 – 31, and is held at The Atlantis Resort on Paradise Island in The Bahamas.

    The World Credit Union Conference has been the premier credit union conference since 2005, drawing thousands of attendees from dozens of countries, and we are excited to be a part of it.

    Our team will be there to meet with some of our current credit union clients, as well as to showcase our complete credit union software solution to future ones with demos running throughout the conference.

    The MIMICS Credit Union Solution includes CRM, Teller, General Ledger/Accounting, Loans, Checking/Savings Accounts and more. It offers a wide breadth of functionality, and can be further customized to fit the unique needs of any operation, all at an affordable price point.

    MIMICS has had a strong presence in the Caribbean for many years, with many long-time clients that include central and commercial banks, brokerages, insurance boards and more.

    If you are at the conference, please stop by to say hello and check out our booth.

  • 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

    ·        Checking/Savings Accounts

    ·        CDs/Fixed Deposits

    ·        Online Banking Portal

    ·        Teller Functionality

    ·        General Ledger/Accounting

    ·        Loan Management

    ·        Full Audit and Reporting

    The MIMICS Customer Relationship Management (CRM) tracks, manages and builds all aspects of customer relationship, from early sales stages through to complete customer maintenance. Full KYC tracking is included, and options for FATCA or CRS are available. Optional interfaces for AML or Watchlists can also be utilized.

    MIMICS Teller can organize, monitor and streamline your entire teller operation, including any number of tills. This front-end module can facilitate any type of receipt or deposit, process disbursements or other types of payments and perform the full range of teller functions including check cashing, currency exchange, CD management, loan payments are remittances.

    The MIMICS General Ledger is a fully functioning general ledger system with standard financial reporting, budgeting, analysis and other features. Accounts Receivable and Accounts Payable functionality can be included.

    The MIMICS Loan Management module allows you to originate new loans, save loan documents and track loan transactions. The system prints invoices, statements and a variety of reports.

    The MIMICS Online Banking Portal can be customized to the exact look and feel of your website, using your logo and color scheme. The functionality can be tailored to what you would like to offer your customers, but can include account overviews, transaction history, transfer requests, disbursement requests, statement downloading and a Contact Us form.

    The MIMICS Credit Union Solution is a comprehensive software solution built to handle the specific challenges credit unions face, and can be customized to meet your organization’s unique needs.

    Contact us for more information, or to see a free demo of the system.

  • MIMICS was recently featured in IT Pro Today in a piece on data security.

    The article focused specifically on MIMICS’ utilization of NetLib Security’s Encryptionizer product. Since 2007, MIMICS has encrypted over a half million records, with open positions totaling well over $100 billion without a single data breach. In 2017, approximately 35% of MIMICS’ new sales involved SQL Server and NetLib Security, with that amount expected to grow.

    Protecting sensitive client data has always been of paramount concern, and by utilizing the NetLib Security’s Encryptionizer product, MIMICS is able to ensure that this goal is achieved.

    Read the full article HERE.

  • MIMICS recently traveled on-site to do some work for our long-time client, The Central Bank of The Bahamas (CBOB).

    CBOB had recently outsourced the management of a portion of its External Reserves Portfolio to a fund manager. As the central bank uses the MIMICS Portfolio module to track its external reserves, MIMICS went onsite to implement an interface.

    This custom interface imports the periodic positions and transactions from the external fund manager. The MIMICS module then automatically posts accounting entries based on those transactions, and also includes the valuation in the overall external reserves valuation.

    While onsite, MIMICS also provided guidance on IFRS 9 Accounting, also recently implemented by CBOB. IFRS 9 regulations effectively replaced IAS 39 as of January 1, 2018.

    MIMICS would like to thank CBOB for its hospitality during the implementation.

    On-site visits are an excellent means of efficient collaboration and relationship building. If you are interested in having us come to your location, please contact us.

  • Google has been fined 50 million Euros ($57 million USD) by the French data regulator CNIL for violating data protection rules mandated by the EU’s General Data Protection Regulation.

    Two complaints were filed by separate, non-profit privacy rights groups - None of Your Business (noyb) and La Quadrature du Net (LQDN) - on the day GDPR went into effect, May 25th, 2018.

    CNIL said that the fine was levied on January 21st, 2019 was for “lack of transparency, inadequate information and lack of valid consent regarding ads personalization,” specifically during the onboarding process for new Android users.

    Part of the alleged violations regarding consent include “pre-ticking” the option to personalize ads, and they did not make clear to users that this covered many other services such as YouTube and Google Maps.

    Other alleged violations include having a box checked by default that reads “I agree to the processing of my information as described above and further explained in the Privacy Policy.” Also, according to the allegations, “essential information” was “disseminated across several documents,” sometimes requiring several clicks to access.

    The GDPR was implemented across the European Union on May 25th, 2018, to help safeguard users’ data in the digital age. Read more about the changes and how MIMICS can help HERE

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