Financial institutions that participate in the Certificate of Deposit Account Registry Service® (CDARS®) are often challenged with branch level accounting of investment activity. The CDARS® Management System from Centrix Solutions significantly automates this process while also providing a centralized and auditable system to manage disbursements.
To provide such automation, the system processes data feeds from CDARS® for branch level activity, bank level posting entries (as is traditionally done with CDARS®), and customer information. The following summarizes system functionality
An audit log tracks all user interaction within the program.
Branch Level Account Entries – The system creates branch level general ledger entries at a frequency determined by the institution (typically a weekly process). The CDARS® Account Trial Balance is imported to calculate the branch amounts and a balancing report is produced to document all transactions. The following branch level transactions are created.
- Accrued Interest Expense
- Fee Expense
- Paid Interest Expense
- Principal Balance
Consolidated Bank Entries – The CDARS® Daily FiSh File is imported to generate the consolidated bank general ledger account entries. A balancing report is produced to document all transactions created.
Customer Information Export – The system includes a customer / account export function that creates a consolidated customer file (tab delimited format) containing names, addresses and investment information. To keep the system current, a CDARS® Customer Information File is imported to update the name/address information.
Disbursements - A disbursement input screen enables authorized bank personnel to input principal and interest disbursements to be credited to onus DDA or Savings accounts. The system creates the deposit transactions with offsets to the appropriate general ledger accounts. A balancing report is produced to document all transactions created.
Posting File Creation – The system creates a posting file for the core processing system containing branch entries, consolidated bank entries and disbursement transactions. A report is produced to document the transactions in the posting file.
CDARS® and Certificate of Deposit Account Registry Service® are registered service marks of Promontory Interfinancial Network, LLC
To discuss CDARS® Management System in more detail or receive additional information,
contact us via email at info@centrixsolutions.com or call 402.488.3990.
