News & Articles

Customizing Financial Software Solutions
  • Internet fintech platform bobsguide has named MIMICS one of the top 10 providers of mutual fund software. Part of the Trust engine of software, the MIMICS Mutual Fund Admin module is a powerful tool to help organize and simplify the processing requirements for mutual funds.

    To quote the article…

    “Where MIMICS outshines the competition is in its Mutual Fund Admin module. This tool enables managers to track an unlimited number of mutual fund issuances, and automatically handles the registrar, transfer agent and paying agent functions for all customer administration work. Meanwhile, the software automatically manages a buy/sell spread and can handle periodic dividends, daily dividends and interest bearing funds – not to mention front load, back load or no load funds.”

    bobsguide has been connecting fintech buyers and sellers for twenty years now; it currently attracts over 70,000 visitors every month with its product directory, job listings and downloadable resources.

    MIMICS has been making customized software solutions to meet the specific needs of our clients for over forty years now. We have over fifty products available, and a client base that includes commercial banks, central banks, insurance companies and more.

    Contact us to see a free demonstration of Mutual Funds.

  • The MIMICS Web Portal opens up a wide range of possibilities for you in terms of functionality and ways you can interact with your clients. The customizability of the portals means there is no limit to the possibilities of usage. Here are some examples of what our clients use it for:

    Case #1

    Brokerage A wanted to provide a portal for their clients to log on to see their real time positions, transaction history and to be able to download statements and other documents.

    Case #2

    Bank 1 wanted a method in which it could somehow match buyers and sellers of CDs. MIMICS created a portal for Bank 1 that provides an online market-place through the MIMICS-developed web portal where buyers of CDs can be matched with sellers, including issuers of bulk omnibus CDs. The MIMICS web portal allows three different user-types to logon to the site: Investors, Brokers (the people matching the buyers and sellers) and the Custodians (the Bank where the CDs are held in custody). Through the MIMICS web portal, trades can be initiated, new investors can be set up, buyers and sellers can be matched up, and reports can be printed/downloaded. This portal interfaces to the bank’s internal MIMICS CD Custody system.

    Case #3

    Bank 2 already had a customer web portal, but wanted to employ a Fed Funds-specific portal. MIMICS created a web portal for them that allowed downstream bank clients to view their positions and history. In order to provide a seamless transition between the two for their customers, MIMICS used a process wherein customers log in to Bank 2’s normal customer web portal, and when they click a link to view their Fed Funds activity, it launches the MIMICS web portal and passes an encrypted URL that sends account identifiers and a date/time stamp. The MIMICS web portal decrypts and validates that information, and if validated will log the user in automatically. This results in a process for the user where the Fed Funds portal generally appears to be a part of the main customer portal as opposed to a separate portal, ensuring a seamless customer experience.

    Case #4

    Central Bank 1 was looking for a secure method to interact with commercial banks for various purposes. MIMICS created various portals to meet the following functionality:

    ·        Currency Management. This portal allows commercial banks to log on and electronically enter information about currency (notes and coins) the they will be depositing to/withdrawing from the central bank. This information then flows into an approval queue in Central Bank 1’s internal MIMICS Currency Management system.

    ·        Dormant Accounts. This portal allows commercial banks to log on to submit their annual newly-dormant accounts. These are manually entered through a grid entry for low volume or uploaded through a spreadsheet for high volume. The information is validated by the website and then flows into an approval queue in Central Bank 1’s internal MIMICS Dormant Accounts system.

    ·        Exchange Control. This portal allows the commercial banks to submit information (daily, in this case) to Central Bank 1. This information is submitted through the web portal developed by MIMICS through spreadsheet uploads, and then flows through to the Central Bank 1’s internal MIMICS Exchange Control system.

    Contact us see more examples or to discuss your portal ideas.

  • The MIMICS Web Portal provides a customized web interface for your customers, giving them an active, secure medium for interaction with you. Depending on your business model, your customers may be individuals, corporations, downstream banks, commercial bank or other financial institution you deal with. Designed to your specifications, the look and aesthetics of the portal are tailored to match those of your own website. The web portal integrates seamlessly with all MIMICS financial software.

    The functions vary by need, but some popular examples are:

    • Providing clients access to view or download statements, confirmations, reports or any other printed item

    • Displaying view screens/grids for positions, transaction history, or projections

    • Facilitating the entering of data, such as placing orders online, that then automatically interface with the other modules

    • Providing a secure site for downloading static documents, such as PDF statements, legal forms, etc.

    Pricing is based on functionality, i.e. the number of pages you require to be created. Please contact MIMICS to see some examples or to discuss your functional needs.

  • Q: What is IFRS 9?

    A: IFRS 9 is the International Financial Reporting Standard that replaces the IAS 39.

    Q: When does it take effect?

    A: It already has. It went into effect January 1, 2018.

    Q: Why are they doing this?

    A: IFRS 9 was created to simplify and tighten up some of the reporting aspects of IAS 39, particularly with concern to deferment of credit losses on loans and receivables until too late in the credit cycle.

    Q: Who all is affected by this change?

    A: Banks, credit unions and other financial institutions that issue loans or manage instruments of debt. Many major world markets require IFRS 9, the exceptions being: U.S. (no current plans to adopt), Japan (adoption voluntary, not required) and China (converge at an undetermined future date).

    Q: How does this affect us on a daily, operational level?

    A: Moving forward, everything will need to be reported according to IFRS 9 standards. This includes classifying both clients by risk level, re-classification of assets according to IFRS 9 categories and more. HERE is a detailed list.

    Q: Is my software able to handle these changes?

    A: MIMICS has developed the IFRS 9 Option to accommodate these requirements. Contact Us for a free assessment of your specific needs or to see a demonstration.

  • The MIMICS IFRS 9 Option accommodates all of the new reporting rules and regulations mandated by the IFRS 9 legislation. It allows both clients and loans to be classified individually as low, medium or high risk. It allows reporting of credit scores for each client or counterparty, as well as ratings for each security from the bureau of your choice. It also allows for re-classification into one of the three buckets required by IFRS 9, and, optionally, the module can be configured to perform the provision calculation per your specifications.

    For our customers that handle loans, the software:

    • Allows for customizable risk categories, provisioning buckets and sub-buckets, both for the customer and for the loan
    • Exports all of the customer/loan parameters, so that impairment provisioning can be calculated outside of the system
    • Contains a standard import format to import the calculated provision data
    • Tracks all changes to provision values
    • Allows for accounting entries to be posted based on provision value changes
    • Reports on loan positions with provision information and provision history

    For our customers that handle portfolios, the software:

    • Accommodates all IFRS 9 categories and allows for accounting rules to be set up within them
    • Recategorizes IAS 39 categories to IFRS 9 categories and allows for accounting rules to be set up per your definition for recategorization
    • Tracks agency ratings and risk scores for counterparties and securities
    • Exports all of the counterparty/security parameters, so that impairment provisioning can be calculated outside of the system
    • Contains a standard import format to import the calculated provision data; impairment values can also be posted manually in the system
    • Tracks all changes to provision values
    • Allows for accounting entries to be posted based on provision value changes
    • Reports on positions with provision information and provision history

    The provision calculation will be unique to your individual operations. If desired, MIMICS can configure/customize this calculation to your specifications at our standard hourly rate.

    Contact us for a free functionality assessment or to see a demo.

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