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Interest Calculation & Posting

MicroFinS has complete functionality of interest computation and posting for all types of products viz: savings, Recurring Deposit, Term Deposits, Cash Credit, Terms Loans etc. The interest calculation business rules are available in various options like Daily Product basis, Periodic Balance basis etc. For Term Loans and Term Deposits, MicroFinS allows the societies /banks to maintain interest receivable or interest payable. Interest Posting is periodic activity and its posting frequency can be different for the different products of deposits and loans as offered by the societies / banks to its customers.

Cheque Books

MicroFinS offers complete workflow solution for Cheque Book Management. The workflow comprises defining the products for which Cheque Books can be issued, Product wise no. of leaves cheque book, cheque books series, cheque book charges (if applicable). As the cheque books are issued, the cheque book charges (if applicable for selected product) are automated debited to the customer account. Customers can also issue cheque stop instructions for which also Stop Payment instruction charges can be configured. As the cheques are presented in the society / bank, its no. is validated against the un-used cheques or used cheques by the customer against the cheque book issued to him by the society / bank.

Members Shares Management

The Shares Management Module provides to the co-operative institutions to automate all the records viz. Member Registration along with all KYC details, Next of Kin details etc. It also facilitates automation of processes like Shares allotment, shares transfer, shares surrender, dividend calculation and posting etc. This module provides complete reports solution comprising reports like:

Share Balance Register
Share Day Book
Member Register (In Statutory format)
Share Certificate
Voter List
Address Label
Share Returned Register
Share Transfer Register
Dividend Register
Dividend Warrant etc.

Front Office Operations

MicroFinS provides complete FrontOffice workflow which comprises processes of Customer creation, account opening, Signature and photograph capturing for account holder, recording identity proofs for the customers, deposit certificates printing. It also provides various reports useful for customer relationship management. To address new inquiries coming it, MicroFinS provides various utilities like Term Deposit Ready reckoners, Loans Amortization chart ready reckoners, Loan amount (approvable limit) ready reckoner etc.

For daily counter transactions, MicroFinS automates complete cycle of withdrawal / deposit slip recording, Loan Repayments, cheques acceptances from customers, Transaction approval by the designated authority, receipt/issue of cash denominations by the Teller, passbook printing.

Back Office Operations

MicroFinS automates host of back-office operations viz:

Recording and Executing Standing Instructions by the customers
Recording and Executing Standing Instructions by the customers
Interest Calculation, Posting
Application of Miscellaneous Charges to customer accounts
Computation of commission for the agents against deposits brought in.
Clearing Batches Execution
Other Income, Expense Transactions
Investments / Borrowing
Customer Correspondence in various templates. Etc

All these back-office operations are completely integrated with Customer accounts and Financial Accounting.