The Central Bank of the Bahamas has gone mobile with its vault closing operations thanks to the sleek new MIMICS Vault Closing Application.
This application, customized specifically for CBOB, is the first of its kind deployed by the bank. Along with putting them at the forefront of vault management technology, the MIMICS application also effectively eliminates an inefficient and error-prone paper trail for the everyday procedure. This saves the bank resources and storage space, and reduces its risks.
But perhaps even more important to its users, is the simplicity of it. The program asks each of the required parties who must sign off on the vault to enter and confirm their PIN. Once all have been entered, the audit trail of the vault closure is saved, and is transmitted wirelessly to the main Currency database, where it can be viewed in real-time.
CBOB is a long-time client of MIMICS, and licenses many modules from the Central Banking Engine, such as Portfolio Management, Auction Processing and Sinking Funds. MIMICS truly values its partnership with CBOB, and wish them all the best with this new tablet application.
It’s never a bad idea to take a page from one’s own playbook from time to time. Credit Union Fund Management Company (CUFMC), a Jamaican asset manager, put its own tagline of “Make more possible…” into action by licensing the MIMICS Equity Trading module.
The Equity Trading software serves many functions, such as the ability to track orders placed at the Jamaican Stock Exchange, as and logs all commissions, taxes and fees automatically. This all adds up to a streamlined workflow and better efficiency in daily operations for CUFMC.
CUFMC is a Kingston-based wealth and asset manager that serves corporations as well as individuals of high wealth. They have been serving clients for over 15 years, providing pension fund management, portfolio management and corporate financing.
CUFMC is a long-time client of MIMICS, beginning nearly a decade ago by licensing the MIMICS Customer Portfolio software. They currently license over ten products, and MIMICS wishes them the very best, with their most recent implementation and beyond.
Congratulations to Sterling Asset Management, Ltd., whose team just the completed training of the MIMICS CRM (Customer Relationship Management) module!
This training paves the way for a full test of the system. It gives the team members time to explore the ins and outs of the system and its myriad features at their own pace, and to have any questions answered by the MIMICS team along the way. Once the team is completely comfortable, they complete the User Acceptance Test, and then they go live.
The MIMICS CRM software is one of our most popular products because of the many beneficial functions for both the users and their clients. For the users, it is a powerfully adept prospecting tool that organizes and consolidates leads across MIMICS and third-party software. “Prospects” can be converted to a “customer” at the click of a button, with real-time importation of data. Both business and individual information can be saved and tracked in multiple levels, including by corporation, staff, spouses and beneficiaries. And the contact tracker ensures you never miss a follow-up call or forget where you left off as you progress through the sales cycle.
MIMICS tracks the customer portfolios for four of Sterling Asset Management’s companies, centralizing the information from all four into one database, for easy access. And for its customers, holdings from any and all of the four companies are now combined onto one statement, instead of individual ones. Less paperwork, less to sort out, and much more user-friendly for both Sterling Assets and its clients.
This training was performed remotely via Webex to several Sterling team members, and took about two hours. MIMICS also offers on-site trainings at the company’s discretion.
We at MIMICS are very proud that Sterling Asset Managements has been a client of ours now for over seven years, and it continues to be an excellent working relationship. We will be there through their UAT and beyond!
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 Managementand 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.”
We would like to congratulate Rich Uncles on going live with the MIMICS REIT (Real Estate Investment Trust) software!
After a recent, successful User Acceptance Test, the company made the transition recently and is up and running at full speed. The unique MIMICS software has paved the way for the company to raise $1 billion to purchase single-tenant, triple-net (NNN) leased properties on a national level.
Before contacting MIMICS, Rich Uncles had been calculating and processing all of its payments of its initial $25 million California REIT manually. Not only was the work time-consuming and inefficient, it was also subject to computation errors and over-payments. They began to look for a new software solution.
MIMICS is one of the only makers of REIT software. It features various automation features such as dividend computations and built-in report writing to speed up daily operations. For example, 5,000 dividend payments can be processed in about four minutes at 100% accuracy. This not only greatly improves efficiency, but also shores up any losses due to miscalculations.
Rich Uncles was now able to handle the volume of transactions the national platform demanded, and successfully launch their NNN REIT and also to convert their now-$100 million California REIT onto the MIMICS platform.
MIMICS would like to thank Rich Uncles, first and foremost, for their business, and to congratulate them on their continuing success. MIMICS looks forward to a long and healthy partnership moving forward, and wishes them the very best in their future endeavors.