The security of your company’s data is a key component of its success, and unclaimed property data is no exemption to that rule. With manual processes, 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) removes all worry and stress from this time-consuming reporting process. UPCS automatically creates all of the required reports for 50 states, the District of Columbia, 4 U.S. territories, and 3 Canadian provinces using the property records in the UPCS system. The comprehensive reports, which can be printed or submitted electronically, for each jurisdiction are fully compliant with applicable laws and regulations and securely housed in the solution. UPCS also creates reports with both pre-developed templates and custom design options for internal management reporting purposes.
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.
G6 Hospitality struggled significantly with error prone, manual processes that delayed identifying exceptions and reporting; exposing the company to annual write-offs averaging $1.5 million. Since implementing Trintech’s reconciliation solution, G6 Hospitality has achieved significant ROI. Learn more...View Customer