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.