Almost all jurisdictions that collect unclaimed property requires holders to first attempt to contact the rightful owner before reporting the property, and it’s actually a good business practice to perform due diligence regardless of the statutory requirement.
Have you been able to keep track of the latest specific requirements for the jurisdictions your organization reports to? We can help you manage the rules and deadlines for each one.
Trintech’s Unclaimed Property Compliance System® (UPCS) automates the escheatment process from start to finish, saving time and eliminating errors, noncompliance, and opportunities for fraud. When producing search letters with UPCS, the process is made as painless as possible with standard content as well as options for customization already included for each jurisdiction. Thousands of letters can be automatically generated, scheduled, and tracked for deliverability and responses greatly reducing the time required from your employees, especially when compared to manual methods.
Your unclaimed property data can be imported from any source, and each record will be automatically evaluated to determine the potential owner, applicable jurisdiction, reporting requirements, and any other applicable jurisdictional rules.
To make the search letter generation process as painless as possible, standard letter content, with options for customization, is included for each jurisdiction and thousands of letters can be generated and scheduled in a matter of minutes. Once dispatched, the deliverability, responses, and required follow-on actions are tracked and scheduled, making this process much more compliant and less time-consuming than manual methods.
Property that is exempt from unclaimed property laws in each jurisdiction is automatically recognized at the time of state report creation and due diligence is not performed on exceptions. Thus, you can eliminate any errors, wasted time, or confusion when it comes to keeping property that rightfully belongs to your company. UPCS identifies all jurisdictional exemptions, including gift cards, business to business payments, payroll, etc.
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