BankMill™ - Core is a browser-based, user-friendly centralized full fledged banking application that allows a bank to conduct its business with its customers along with full MIS reports and internal management tools.
BankMill™ is a Core, centralized banking solution offered by Mindmill Software Limited. It is a completely new version of the earlier products. It uses the state of the art technology where the application runs in a browser and the front end is not required to be loaded in each computer. It is a result of several man decades’ worth of work by some of the most brilliant minds in the industry including Computer Science engineers from IITs, MBA’s from IIMs, domain experts from the banking industry and of course our own past experience of our earlier banking software products.
As with any complete rewrite it uses the state of the art technology which benefits the bank customer by offering new functionality, the end user by making it user friendly and the administrator by making it easier to install, administer and 100% tamper proof.
PURPOSE
Allow the bank to conduct all the business of the bank and keep the transactions in a secure database.
UNIQUE FEATURES & BENEFITS
The unique features of this product have been grouped under the following heads:
- Security Features
- Administration Features
- Customer Related Features
- Accounting Features
These are explained in greater detail below:
Security Features
- Audit Trails: Audit trail of each transaction in the system is kept with date, time and user-id stamp.
- 3DES Encryption: All data between a device and the backend is transmitted after encrypting it with industry standard 3DES encryption. This prevents any snoopers to sniff the channel and get financial data information.
- MD5 Encryption: All passwords are kept using industry standard MD5 encryption.
- This prevents the administrator from knowing the passwords of any user.
- Data Security: Data is kept secure using database login and password
- Access Security: By Role and Rights explained more in Administration Features.
Administration Features
- Service Outlet Concept: Each branch or delivery channel is designated as a service outlet and each transaction can be tracked at a service outlet level.
- Maker Checker Concept: Allows the bank to have double or triple checks in place by having one person make an entry, another to verify it and sometimes if necessary a third to re-verify or enable it.
- MindConnect™: Allows the bank to provide financial transaction access to IIIrd party solutions such as ATMs and Credit Card Institutes such as Master Card and Visa.
- Multi Lingual (on request)
- Roles and Rights: A bank can create various roles (designations) based on its
- Organization Chart and associate view, create, modify and delete rights on each screen as well as access to the screen itself.
- Auto Generation of Customer Letters
Customer Related Features
- Unified Relationship Management across related but different customers and Multiple Accounts of the same Customer
- Single account book means all transactions across all delivery channels are made at the same place and the customer can get a unified view of his account.
- Accounts can be opened at any level including teller.
- All customer services are available, including cash, clearing, and transfer.
- Completely parameterized standing instructions input and execution including prioritized debit from multiple accounts and rule based credit to multiple accounts.
- Statement printing is available from all the various delivery channels
Accounting Features
- Tree Based GL Head Structure
- Single bank-wide General Ledger, Profit & Loss and Balance Sheet for all modules
- Detailed MIS including Asset Liability Reports
- Text and WYSIWYG (what you see is what you get) based Reports
- Inter-branch Reconciliation
- Multi Currency
- All Liability Product Support (Including but not limited to products such as Current, Savings, FD, Recurring Deposits and Reinvestment products)
- All Asset Product Support (Including but not limited to products such as OD,
- Cash Credit, Fixed and Term Loans)
End User Features
- Deposit Receipt Printing & Loans Agreement Printing
- Ease of Navigation through a left hand tree. A user can click on a node/type an abbreviation and go to any screen immediately.
FUNCTIONALITY
Major Modules
Full functionality for the following modules is offered:
- System Administration
- Interest Calculation (Batch, EMI, Maturity & Prediction)
- Lot Management
- Charges
- Cash
- Remittance
- Customer Management
- Customer Account Management
- Product Definition
- Interest Definition
- Standing Instructions
- Clearance & Stop Payment
- Masters
- Financial Transactions
- Various Reports
- Cooperative Bank Module
All banking modules are multi-currency.
Back Office Modules
- SWIFT Messages
- Anywhere Banking
- Remote Banking
- Workflow
- Administration
- Reports
- Inquiries and Reference File Inquiry
- Letter Generator
- Inventory Functions
Functionality specific to Corporate Banking is given below:
- Term/Non Term Corporate Assets
- Non Fund Corporate Assets
- Foreign & Domestic Outward Sight/Usance Bills For Collection
- Foreign & Domestic Clean/Documentary Bills Purchased/Discounted
- Imports & Exports Letter of Credit
- Inland & Foreign Guarantees
- Forward Contracts
Functionality specific to Cooperative Banks which is enabled through parameterization include:
- Member creation, deletion and update
- Bank shares management, share allotment and redemption by members
- Dividend declaration, and payout
TECHNOLOGY
The structure is a 3 tier structure and consists of a browser based application written in applets. The applets communicate with a servlet via sockets. Data interchange happens via encrypted XML structures.
The software has been written in Java and can work with any standard RDBMS such as MS SQL, and Oracle.
