The security of your company’s data is a key component of its success, and unclaimed property is no exemption to that rule. With a manual process, not only is there a huge potential for data-entry errors, it’s also highly likely that your information is not protected from accidental, or even purposeful, deletion.
The financial value of unclaimed property, both in the actual property itself and the potential for issues in the event of an audit, can amount to thousands, even millions, of dollars. We can help you secure your data and prevent financial loss via user-level security options, Windows authentication, database-level encryption, encrypted configuration files, and TLS/SSL encrypted network communications.
Trintech’s Unclaimed Property Compliance System® (UPCS) can help you make sure you never have to worry about this time-consuming reporting process. The solution automatically creates all the required reports for the 50 states, District of Columbia and U.S. territories using the property records in the UPCS system. The comprehensive reports, both paper and electronic, for each jurisdiction are fully compliant with applicable laws and regulations and securely housed in the solution. For internal management reporting purposes, UPCS also creates reports with both pre-developed templates and custom design options.
UPCS automates the escheatment process from start to finish, saving time and eliminating errors, noncompliance, and opportunities for fraud.
All user activity is tracked which creates permanent audit trails of every action taken. In addition to documenting compliance, this creates strong fraud prevention.
Data fields containing Social Security Numbers and other sensitive data can be encrypted, and these capabilities extend to the transmission of mandated electronic unclaimed property reports.
Automated reporting removes the need for error-prone manual data input or reformatting, tracks all user activity, and automatically includes the necessary constituent elements, in the correct format, within the submission deadline for any jurisdiction.
Accor uses Trintech’s reconciliation solution for its account reconciliation process to eliminate manual spreadsheets Accor struggled significantly with error prone, manual processes that delayed identifying exceptions and reporting; exposing the company to annual write-offs averaging $1.5 million. The company also had no process for escheatment, leading to an audit resulting in $3 million in penalties for unclaimed property that had not been filed with the appropriate states. Since implementing Trintech’s…View Customer