UPEnterprise quantifiably superior automation for unclaimed property management
Built and delivered on the Microsoft Azure cloud computing platform, UPEnterprise addresses the automation gap that exists between source data applications, outdated holder reporting systems, and the common manual reporting activities all companies tolerate today. Building on the success of its popular counterpart, UPExchange™, UPEnterprise automates the aspects of compliance you perform manually today, improves on your current automation, and provides new automation to significantly reduce your unclaimed property liabilities.
The foundation for UPEnterprise is UPExchange. By literally every measure, UPExchange is the most widely used and fastest growing unclaimed property reporting solution in existence today, adopted by nearly 50,000 companies in just five short years. Why? Is it the simplicity and security of a fully-managed web application where you can register and start reporting in just minutes? Or maybe the fact the system has state-sponsored regulatory changes streamed and updated literally “while you sleep” has something to do with it. No doubt the speed and ease of online reporting and payment through ETM’s proprietary network is a factor – with 80% of the states gladly accepting the online submissions.
These types of technological advancements are welcomed by companies large and small. However, the larger and more complex your unclaimed property challenges, the more critical your need to have tighter control over the tasks involved. Applying automation to all aspects of the compliance process, rather than to just a few. Incorporating tools so you can reduce your liabilities, not just to manage them. Extracting costs from every task, instead of increasing the budget. That is the challenge. That is the opportunity. We welcomed both. Meet UPEnterprise.
Improving Your Current Automation
Think of what your current solution does today. You painstakingly create reports for each of your companies, individually, one at a time. Then you burn CDs and call FedEx or some other shipping service. While that is technically “automation,” UPEnterprise takes a very different approach to automating the process:
UPEnterprise introduces the power of concurrent reporting. Concurrent reporting simultaneously creates state reports – for multiple companies to multiple states – in a single “point and file” real-time transaction.
In the old “one-to-one” reporting model, if you have one company reporting to all 50 states, you go through the state report function 50 separate times to create 50 separate state reports. With UPEnterprise, you have a “one-to-many” reporting model where you trigger the state report function just once (concurrently selecting all 50 states), and have UPEnterprise gather all the data, then create all 50 state reports for you. And, if you have multiple companies each reporting to multiple states, the impact is even greater. You can literally create all of your state reports for all of your companies in just one single session. Now that’s automation!
There is only one network for unclaimed property online reporting and remittance – and it’s built and owned by ETM. This means you have the ability to report and remit your unclaimed property to multiple jurisdictions in virtually one online session.
The states get data and payments from you consistently, accurately, and cheaply. For you, reporting is just simpler, faster, more economical, and more convenient.
Concurrent Reporting & Online Filing
Intrigued? See the power of concurrent reporting and online filing for yourself in this 2-minute video and then give us a call for your personal quote at 319.739.3501 or send us an email.
Combining Concurrent Reporting and Online Reporting Slashes a Huge Expense
If you aren’t reporting online with UPEnterprise, you are paying up to 60 times more than you should. Let’s do the math:
Coming from Manual
Say you have 25 companies and have to report to all 50 states. With any other system, you end up creating, printing, and compiling 1250 reports with cover sheets and possibly other forms. That’s 25 companies multiplied by 50 states! Don’t forget your state payments – you’d have to write 1250 checks….
Going to Automation
….With UPEnterprise Consolidated Reporting, your 1250 reports are condensed into just 50 reports – one per state. The 1250 checks? Now only 50 – one check from all 25 companies for each state.
Automating What You Do Manually Now
All companies have manual gaps in their compliance process, but UPEnterprise gives you options to eliminate many of them. For example:
UPEnterprise enables real-time integration to your source data systems eliminating the decentralized data management issues created when data exists in multiple locations. Using our proprietary API, you can now synchronize between your source systems and your unclaimed property management systems.
Now your source systems will know the exact date to report the unclaimed property item along with the window for sending due diligence letters. Older technology for unclaimed property compliance requires the labor-intensive and error-prone tasks of extracting, transferring, and importing data. With data synchronization, system-to-system integration occurs to add, update, and delete unclaimed property information in the UPEnterprise database “on-demand.”
While all unclaimed property software allows you to create customized search letters, you still have to do the bulk of the manual work. Meaning, you still have to print, fold, stuff, seal, and meter your search and due diligence letters to get them out the door. No longer. Our exclusive online printing capability allows you to create reusable letter templates, then print them yourself or use our SSAE-16 certified printing and mailing center to do all of the work for you, completely outsourcing the process.
Desktop software quickly becomes out of date since compliance changes occur routinely throughout the year. Consequently, many companies do their own research, manually analyzing the various state websites to stay on top of unclaimed property regulatory changes.
As a fully-managed web service, you can use the online unclaimed property calendar within UPEnterprise as a resource to look up the latest due diligence and state report filing requirements. Streamline your reporting process by receiving change notifications, downloading information to your personal calendar, and creating alerts and notes and assigning them to or sharing them with coworkers.
Reducing Your Liabilities
Experts agree resolving outstanding unclaimed property liabilities as early as possible is a best practice to assure compliance while reducing exposure. In the past, most organizations did not have the time, tools, nor training to take advantage of the opportunity to reunite owners with lost property quickly and easily. UPEnterprise helps shrink your unclaimed property liabilities with these pre-escheat options:
To conduct due diligence in the most economical and efficient way, sending your letters to lost owners using their current addresses just makes sense. People Search can use old addresses, parts of social security numbers (SSNs), or something as obscure as old phone numbers or email addresses to find the latest, most current addresses.
Broker dealers can use People Search to comply with SEC Rule 17ad-17, while life insurance companies can use it to meet the Social Security Death Master File (SSDMF) search requirement. Regardless of what industry you are in, finding lost owners just got easier.
UPTools for Postal
Address Verification (PAV)
PAV is a service that corrects, standardizes, and verifies addresses to reduce your postage costs and minimizes the number of due diligence letters you get back from the post office.
PAV is a CASS-certified service that standardizes addresses according to the United States Postal Service (USPS) and Canadian Post specifications, corrects bad addresses, and cross-references these addresses against the latest U.S. or Canadian postal delivery databases to make sure they are current and letters will deliver to the right places.
Online Claim Process
– Long Lost Money
You can configure security attributes and present your pre-escheat property for public search via the Long Lost Money web portal where lost owners can track down their unclaimed properties.
When the lost owners find what they are looking for, they can start the claimant process within the website, which includes filling out a pre-filled claim form, attaching required documentation, and sending the claim to you to initiate the transfer process.
How UPEnterprise Tightens Your Security
Let’s address the obvious… UPEnterprise is a cloud-based platform. While the business benefits of using a fully-hosted and managed cloud application are well-documented, you may wonder: “Doesn’t the cloud put our data (or worse, our clients’ data) at risk?”
Not with UPEnterprise. In fact, using UPEnterprise will strengthen the security of your data and unclaimed property processes, using the correct blend of security attributes and breach prevention capabilities to meet the most stringent standards, including:
Microsoft Azure Platform as a Service (PaaS)
UPEnterprise is a fully-managed web application using Microsoft Azure, the cloud platform of choice by 57% of the Fortune 500. Coupled with 7x24x365 fully-monitored security services, you benefit from Microsoft’s unmatched scale and experience running compliant online services around the globe.
A separate Security Administration application is available so your security administrator can use role-based security to manage users, control access rights, and implement security standards that align with your company-specific requirements across the entire UPEnterprise web application.
Multi-Factor Authentication (MFA)
ETM makes use of something you already know – your username and password – and combines it with time-sensitive, One-Time Passwords (OTPs) sent through the out-of-band service you already have via text messages, emails, or voice-driven telephone calls.
ShareFile Virtual Data Room
Via the UPEnterprise Library, all documents and reports are securely stored within Citrix ShareFile’s virtual data room – it’s your complete due diligence solution. With this web-based repository, your security administrator can easily control, share, and track your secured documents and your users, wherever they reside, can access documents and reports easily and securely, and with complete transparency thanks to accompanying audit trails.
We recognize that securing data from point-to-point and in the extended enterprise is crucial to meeting data protection security and compliance requirements. Whether in transit or at rest, all data in UPEnterprise is fully-encrypted – all the time – using an industry-standard AES-256 symmetric key.