Financial Software Innovations, Inc

Unclaimed Property

Automating the Identification Process: Software can help financial institutions automatically flag accounts or assets that have met the dormancy period for a given state.
Multi-State Reporting: With built-in support for multiple states’ laws and regulations, unclaimed property software simplifies the process of filing reports across jurisdictions.
Record Keeping and Audits: Maintaining accurate records is critical to compliance, especially in the event of a state audit. Software solutions help banks, insurance companies, and securities firms organize and store records related to unclaimed property reporting, ensuring audit-readiness.
Customer Outreach: Prior to escheatment, institutions are often required to make a good-faith effort to contact the owner of the unclaimed property. Automated outreach features can facilitate these notifications, reducing the amount of property that ends up escheated to the state.

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Software Solutions for Compliance