MicroFinS Features

Feature One

CASA (Current & Savings Accounts):

MicroFinS offer complete solution to the societies / banks for management of ‘Current Account’, ‘Savings Account’ of its customers. CASA deposits are low cost deposits for the bank as generally no interest is offered on current account and interest offered on the Saving Account is relatively low. However, services or daily branch operations are maximum related to the CASA accounts. MicroFinS offer user-friendly, efficient solution to manage large number of daily CASA operation and is seamlessly integrated with General Ledger and MIS.

Small Savings / Micro-Savings / Caution Money Deposits:

Most of the societies encourage small savings by its customers by depositing fixed amount at the defined period frequency. Generally such deposits are also collected daily by the marketing staff / agents or field officers. MicroFinS offer complete solution for savings collections by the staff/agent. It also provides complete solution with features of interest calculation & posting, maturing closure of account, premature closure of account, account renewal etc.

Term Deposits:

MicroFinS provide a complete workflow for offering and processing term deposits products. This includes term deposit receipts / certificates, agent commission processing, maintaining interest paid / payable to the account, maturity payments, premature closure, renewal, principal cheques, interest cheques and general correspondence with the account holder.

Feature One

Cash Credit, Overdraft:

MicroFinS automates the complete process of Business Loans i.e. offering cash credit, overdraft to the business. It also has complete work flow of setting up drawing power, stock statements, debtor list, temporary overdraft, interest calculation and posting etc.

Term Loans:

Term Loans are the major source of income for the societies/banks. However, it is also high risk area for the society / bank if proper due diligence is not done is ensuring proper security against the loans. MicroFinS provides complete solution for Loans Management As Well As security / collateral management. It offers workflow for Disbursements, Repayments, Interest Posting, Loan Loss Provisioning, and Securities like vehicle, house, ornaments, Term deposit certificates, Retention Money, Shares Certificates etc.
MicroFinS supports all standard interest methods like Flat Rate, Reducing Balance. MicroFinS also supports repayment types viz.: with Moratorium, Amortization Chart with periodic repayment frequency, Bullet repayments etc.

Group Loans:

MicroFinS supports all the standard practices of Group Creation, Group Lending, Collections by field officers, Member Transfers etc. which are followed by the societies / banks for Micro-Finance Group Lending products.

Feature Two

Cash Management:

MicroFinS offers full workflow for Teller operations and Vault Management. The country specific currency and denominations are fully configurable in MicroFinS. The banking transaction day opens with issue of denominations to the teller / cashier by the Head Cashier. All the payments vouchers and cash receipts are linked with the teller / cashier operations. The payment / receipt transaction cycle is completed only after recording of denominations issued / received by the teller thus ensuring correct records of the denominations which exists with the teller / cashier counter and the vault. The day end is processed only after return of the cash denominations to the vault and after tally of cash-in-hand account closing balance with the value of cash denominations which exists in the vault at the end of the day.

Deposits with Other Banks:

The functionality automates following functionality at the society:

  • Call deposits, term deposits maintained by the society / bank with other banks.
  • Investments into Treasury Bills
  • Investments into Government Securities

This functionality is fully integrated in Financial Accounting for all the interest receipts, deposits into account and withdrawals from these investment accounts.

Group Loans:

MicroFinS supports all the standard practices of Group Creation, Group Lending, Collections by field officers, Member Transfers etc. which are followed by the societies / banks for Micro-Finance Group Lending products.

Financial Accounting:

All above mentioned products management sub-systems, front office / back office management etc are fully integrated with Financial Account sub-system of MicroFinS. The software creates journal entries in real time, to the accounts you have specified while in respective account set-up information and product set-up. The users can choose exactly check when these entries are posted to the general ledger and run trial balances as required. The Financial Accounting sub-system is an online, real time general ledger and financial reporting system. It also maintain accounts payable and accounts receivable for the customer accounts. The Financial Accounting functionality is parameterized and can be set-up by the administrator. It also has integrated Day Begin Process, End of Day Process, closing periods, year-ends, and more.

Feature Three

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 Front Office 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.
  • 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.

Feature Four

ATM EFT / Switch integration:

To enable societies/banks to offered ATM/Merchant POS transactions supports, we offers integration add-on to integrate MicroFinS with EFT Switch. The add-on is a adapter based on ISO 8583 Protocols which is considered to be a standard protocol worldwide for EFT Switching.
Depending on the EFT switch selected, various services like ATM (Acquirer, issuer) transactions, Merchant POS transaction (Acquirer, issuer), Funds transfer, Payment gateways transaction, Utilities like Mobile Recharge etc. can be provided by the society / bank to its customers.

Smartphone interface for on-field operations:

In the competitive environment and with new technological innovations, it has become imperative for the societies / banks to provide special services at customer doorstep. With this objective, MicroFinS offers a add-on module for 'Android based smartphone interface for the Agent / Field officers'. This add-on enables the bank staff to provide value added service at customer doorstep viz.: Account Opening, Deposit amount collections, Loan Repayment collections, Withdrawals with specified amount limit etc.
This add-on requires SMS interface add-on for the transaction authentication. For the transaction to happen, MicroFinS send a OTP (One Time Password) thro' SMS on the registered mobile number of the customer. The OTP is valid only for the 30 mins. The OTP is given by the customer to agent to enter into the Smart Phone interface. As OTP is validated, the further transaction is done. The confirmation alert for the completed / failed transactions is also sent by SMS to the register mobile number of the customer.

SMS interface:

MicroFinS SMS interface is based on exchange of SMS messages between the customer and the bank/MFI. It saves customers the time and effort of going to the bank branches through mobile phones irrespective of the service provider. MicroFinS SMS Services is cost effective and is available 24 hours a day.:
MicroFinS allows the interfacing with SMS to offer SMS services to the customers. This application receives SMS on numbers provided by the bank/MFI for the SMS service. The MicroFinS SMS services offers:
  • Enquiry / Request
  • Account Balance
  • Mini statement (last 5 entries)
  • Cheque status
  • Stop Payment
  • Un-register Account

Any-Where banking system:

In MicroFinS, Any-where Banking System (AWBS) provide customers with a flexible service for Cash Deposits and Cash Withdrawals from any branches located anywhere in the country.
The customer can enjoy facility of Cash Transactions through' Any Branch Banking Service from any of the nearest Kist Branches.

H.O. Consolidation:

For the societies / banks with multiple branches, it requires consolidated reporting submission to management, shareholders and statutory bodies. For this purpose, we have H.O. Consolidation add-on modules with MicroFinS. The add-on consolidates the trial balance and profit loss statements (provided with uniform COA and prescribed format) from all branches and consolidates it to provide consolidated financial statements. The consolidation module can generate consolidated report for multiple selections of branches. This module can also generate consolidated reports for selected heads like Income Statement with selection of only Income Heads OR Expense Statement with selection of only expense heads OR combination of any selected heads etc.