Overview
MIMICS Account Management is the deposit engine of the Core Processing Suite. It maintains checking accounts, savings accounts and CDs or fixed deposits, manages chequebooks and cheque clearing, and runs the automated payments your customers depend on, from payroll imports to standing orders and bill pay.
It is built for banks and credit unions that want every deposit product on one platform, tied to the same customer and member records used by Teller, Loans and Accounting. Customers can hold any number of accounts, money can move in or out through cash, check, ACH, wire, SWIFT, RTGS and other channels, and card and ATM networks can be connected through interfaces. Your institution gets accurate balances, flexible products and fewer manual steps in daily processing.
Checking, Savings and Time Deposits
Account Management supports the full range of deposit accounts: checking, savings, and CDs or fixed deposits. A customer can hold as many accounts as they need, and transfers between accounts are handled in the same system.
Interest-bearing accounts can be set up with fixed, variable, tiered or pegged rates, with rate tiers and pegs defined by your institution. Pegs can be internal or follow an external rate such as Prime. Interest can be simple or compounded on the schedule you choose, and payment schedules are set per account.
Account classes hold the default settings for each product, such as interest calendar, term and payment frequency, so new accounts open with the right values already filled in.
Cheque Services
Our software manages chequebook issuance and the cheque clearing process from end to end, so cheque activity is recorded against the right accounts without a separate system.
Automated Payments and Sweeps
Recurring money movement runs on its own once it is set up:
- Payroll importing for direct deposit of salaries
- Standing orders for regular transfers
- Bill pay services
- Scheduled interest payments by check, ACH or wire, or compounded into the account
- Sweeps of excess balances to a target balance you set for each customer
Sweep processing can import DDA balances automatically, calculate the amount to invest and create the GL and DDA entries for you.
Receipts, Disbursements and Card Networks
Funds can be received and paid out through cash, check, ACH, wire, SWIFT, RTGS and other methods. Interfacing is available for debit and credit card programs and ATM networks, so card activity reaches the same accounts your tellers and back office work with.
Every change is recorded in a complete chronological audit trail, and multi-level passwords control who can do what. Standard reports cover new accounts, daily processing, corrections, payments, interest accrued and due, and accounting entries.
Works With
Account Management draws on Customer/Member Management for customer records and posts to Accounting. Payment channels connect through our Interfaces. Contact us to discuss your deposit products.
Account Management: quick answers
What is MIMICS Account Management in the Core Processing Suite?
MIMICS Account Management is the deposit engine of the MIMICS Core Processing Suite. It maintains checking accounts, savings accounts and CDs or fixed deposits for banks and credit unions, tied to the same customer and member records used by Teller, Loans and Accounting.
Which payments and cheque services does MIMICS Account Management run?
MIMICS Account Management manages chequebook issuance and cheque clearing, and supports automated payments including payroll importing, standing orders and bill pay. Receipts and disbursements move through cash, check, ACH, wire, SWIFT, RTGS and other channels, and customers can hold any number of accounts.
Can MIMICS Account Management connect to card and ATM networks?
Yes. MIMICS Account Management offers interfacing for debit and credit card networks and ATM networks. Combined with transfers between accounts and multi-channel disbursements, this keeps balances accurate across the channels your customers and members use.