MIMICS Long Term Savings Account (LSAs) Software is a comprehensive management system for handling long term saving accounts, a special deposit instrument created by Parliament on June 1, 1999. The Government of Jamaica had introduced this Jamaican Dollar denominated tax-free account specifically for individuals.
An individual is allowed to invest up to a maximum amount per year in an LSA account as dictated by the Government of Jamaica. MIMICS LSA System tracks each individual's deposits to their LSA account and monitors the investment limit. The system will check each new investment to check if it would exceed the limit in relation to the other investments done in that same year. The system also checks when the new LSA is approved, in case there were multiple pending LSAs.
The interest paid or credited to this account is not subjected to tax if the LSA is not encashed early. However, the MIMICS LSA System will retain the percentage of interest to be withheld in case the LSA is encashed early.
MIMICS LSA System calculates the penalty deduction percentage on the income accrued on a long term savings account when an early encashment occurs. It calculates the amount to be retained for the Collector of Taxes and the amount of the accruing interest to be payable to the account holder.
New investments are handled by the system as a new LSA transaction as opposed to contributing to an existing LSA Transaction. This is because each contribution is subject to the 5-year limit. However, all LSAs for one customer are tied together for annual limit checking.
Rates can pegged to an overall LSA rate in the case that all LSAs have the same rate, and that rate changes periodically. Set the peg whenever the rate changes, and the system automatically changes the rate on all of the trades.
The payment schedule can be set to "At Maturity" so that the system will not automatically disburse interest accrued on the LSA. If the Payment Schedule is changed, disbursements will automatically be created by system.
In addition, the system also allows interest to be manually withdrawn periodically. The system can allow the LSA Customer withdraw interest accrued at any time. The system can disallow the portion of the interest that would be withheld if the LSA is encashed early.
The user can define the allowable withdrawals. The interest amount paid out is based on the withdrawals that are allowed.
The Compounding Schedule can be set periodically for example to default to "Quarterly". In that case, every quarter the outstanding, un-withdrawn interest will be reinvested into the principal of the LSA.
Setting up fees for your customers through the MIMICS System is simple and straight-forward. The user can define different types of management fees to be charged for example periodic fees, interest withdrawal fees and early encashment fees. In addition, G.C.T. (Gross Consumption Tax) can be calculated and charged on the Management Fee.
The user can define which actions will occur upon maturity of the LSA when the account is initially set up. Examples of actions are Rollover Principal and Interest, Rollover Principal, Reduce Principal and Do Not Rollover. The system allows this action to be changed after the LSA has been created, at any time before it matures.
Confirmations, statements, interest payment tickets, checks, advices and any other forms that you send to your customers are printed. These forms are designed to your specifications, and they can be printed with micr encoding.
By interfacing with the MIMICS Portfolio Management System you can fully utilize your portfolio securities. There is no need to have the collateral sit idle. The Portfolio System will make sure the collateral is not pledged elsewhere, e.g., to public funds deposits, so you cannot double or over pledge.
The system comes complete with full audit trail reporting and history posting. These are accessed through standard reports or through use of the on-board report writer. GL and DDA entries can be automatically transmitted to your mainframe GL and DDA systems.
Centralize and manage all aspects of client communications including sales/marketing campaigns, and history of service across multiple MIMICS modules. Read More ^
Ensures that your data and system is protected and can be fully accessed or restored in the event of catastrophe. Read More ^
Allows customer forms such as confirmations and statements to be encrypted and emailed automatically. Read More ^
A customized web interface that allows your customers to view history and to place requests, with the look and aesthetics to match your own website. Read More ^
Allows secure, read-only access to aspects of the database of the related MIMICS module, for data mining or to allow you to create your own reports or exports. Read More ^
Includes functionality for general ledger, accounts receivable/payable, fixed assets, payment processing, purchasing and account reconciliation. Can interface with any other MIMICS module. Read More ^
You deserve better financial software. We have been thoughtfully crafting intuitive, easy-to-use software for decades to give you more of what you want, less of what you don’t.
Software should not be one-size-fits-all. We take the time to get to know what makes you you, so that we can customize our software to offer a product that is exactly to your specifications and intuitively easy to use.
Our software does much of the “heavy lifting” of calculating, processing and automating to help greatly boost your productivity, streamline workflow operations and get you moving at optimal efficiency.
Beyond the labor you will save with the wide-ranging functionality our software provides, our customizations give you more of what you want for a lower price than our competition.
We respect the sensitive nature of your information. That’s why we offer industry-exceeding security, including fully-encrypted databases and data tokenization.
We truly pride ourselves on our friendly, responsive customer support, day or night. We love our customers and strive for 100% client satisfaction. But don’t take our word for it; read what our actual users say.
MIMICS recently traveled on-site to do some work for our long-time client, The Central Bank of The Bahamas (CBOB).
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We are very happy with the MIMICS product that we are currently using. Our staff is very complimentary of the customer service there, as well as the response time.
We are happy with MIMICS. The Repo system we use has been very stable and customer support is readily available if needed.
Software is very customizable, allowing us address needs and changes as they arise.
The method used prior to MIMICS' installation in 2004 was a manual ledger. I'd say 100% increase in efficiency!
After working with MIMICS for over 15 years, I can honestly say their customer service is above and beyond expectations. Whether working on an upgrade to an existing product or requesting an additional service, the response time is exceptional. The staff is always pleasant and accessible!
[MIMICS Item Collections system is] a top-of-the-line domestic item collections software that we not only use for form printing, but also to balance to our general ledger account…we are very pleased with the quality of the product and the service we receive.
Since 2004, the Central Bank of The Bahamas has engaged MIMICS to develop several solutions to automate the processing of dormant accounts, to integrate cash management activities with straight-through processing capabilities, and to provide bondholder accounting for its registrar activities. Through the automation of these activities, the bank has achieved greater efficiency in its operations, with the desired audit trails.
The Bank is pleased with the quality of service support delivered by MIMICS and its demonstrated commitment to ongoing product enhancement in a cost-effective manner.
Saves on time both tracking collections and paying collections. It takes me about 5 minutes every time it is used, compared to 30 to 1 hour-plus by hand.
The system is very efficient for our daily use. It functions exactly the way we need it to.
The Repo software completely automates the pledging of securities to our sweep customers and communicates to these customers their daily positions.
Customer service is fantastic!
Born of the simple idea that your software should do exactly what you need it to do, MIMICS has been making customized financial software solutions since 1976. We craft systems that interface seamlessly with one another as well as with third-party programs to make your business operations run at optimum efficiency. Dedicated to customer satisfaction, we offer remote or on-site installations, trainings and outstanding people support. We are a company built on ingenuity and fueled by possibilities.
We appreciate that without our customers, we would never have made it this far, and we will never take them for granted now or in the future. Ensuring that our customers are always well taken care of is a founding principle of this company, and we will continue always with a customer-first state of mind.
We work hard to create a workplace that encourages inclusion, collaboration, respect and open communication. We have fun together. We listen to one another. We work hard, but maintain a good work-life balance. We always treat ourselves and customers with respect, and have no tolerance for intolerance or discrimination in any form. We support, we help, we drive one another to succeed.
We strive to be leaders of the financial software industry. To us, this means thinking ahead, challenging and pushing ourselves to be better, to do more. Asking questions like ‘How can we make this better for our customers?’ Trying new things and taking chances. We don’t want to keep up with technology, we want technology to follow our lead.
We want our actions to match up with our core beliefs on a daily basis. We also understand the many facets of integrity, from product design, to delivering customer satisfaction as promised, to acting financially responsible. Our reputation has been built on integrity, and we will continue to bolster it with thoughtful intentions and actions.
All of our software is fully customizable, and we work with you personally to tailor our programs to meet the individual needs of your business. Our software will save you time and labor and increase your company’s overall efficiency.
We have been creating software solutions for our clients for forty years now, continuously evolving to meet the demands of an ever-changing technoscape. We offer more functionality and customizations than our competitors, at a competitive price. And our product support and customer service are second-to-none.
We appreciate that our clients often work daily with sensitive information, and the privacy and security of your data is our top priority. We offer SSL (Secure Sockets Layer) and a highly-encrypted database that exceeds industry standards. Also, vulnerable data such as Tax IDs and SSNs are only hosted locally and NEVER reach our database.
We design our products with our customers in mind, making sure they are user-friendly and intuitive. We also full give full tutorials at installation, and our customer service team is always available to help.
Yes! We have clients all over the world, and we can customize any of our programs to be in full compliance of local statutes.
Due to the customizable features, it is virtually impossible to say until we have a better idea of what your needs are. Of course we are more than happy to provide free detailed quotes once we have more information. Annual maintenance fees, as a rule of thumb, are approximately 15-20% of the license fees. Please contact firstname.lastname@example.org or fill out our contact card on the site.
This will vary depending on the programs commissioned, the data conversion, specified customizations, interfacing and accounting specifications unique to you. After we have a good idea of what you want, we can give you a more specific quote, but the average is around 60 days.
Absolutely! We offer live online demonstrations via Webex, and can schedule one at your convenience. We also offer on-site demonstrations at any of our offices, and remote demonstrations if you prefer. For any one of these options, please fill out our online contact card, or email us directly at email@example.com.
Of course! Due to the variety of specific arenas we operate in, we would just want to make sure we have enough information so that we can put you in touch with an appropriate client. Please contact our sales team at firstname.lastname@example.org to facilitate.
Great! You can contact us in whichever manner is most comfortable for you. We would just like some initial information as to your specific needs and goals, and we can go from there. You can contact us via phone, email, or simply fill out the contact card here on our site and we will be in touch shortly.