Billions of dollars in unclaimed assets lie dormant in State Treasuries. New York State alone returns over $1.5 million to rightful owners daily. However, the process of recovering these funds is challenging.
Finding unclaimed property goes beyond simple website searches – anyone can do that. From identifying potential claims to securing your assets, we will manage every step of the recovery process. Our team can recover a wide range of unclaimed property, including:
“The Transparent team is trustworthy and cares about our success. They continuously share progress reports and support the further development of our P2P process.”
“Transparent has been instrumental in helping us gain valuable insights from our data. Their accounts payable recovery audit service has helped us identify and correct past errors, and triggered organisational improvements to prevent future cases, significantly improving our Accounts Payable controls. Thanks to Transparent, we now have better control over the credit note recovery process and an enhanced visibility over these flows.”
“Supplier statement reconciliation used to be complex and time-consuming for us. With Transparent handling this, we can now focus our AP resources on core activities. Their experienced expert team does most of the heavy lifting, minimizing our involvement. Transparent’s findings helped us improve our internal processes that led to duplicate payments in the past. We appreciate Transparent’s independence, quick and easy implementation, and disproportionately rewarding results.”
“Transparent has proven to be a valued business partner for Edgewell’s Global Business Services. Starting with accounts payable post-audits, they have expanded their support to unclaimed property and vendor statement reconciliation, providing valuable insight, personalized solutions and exceptional support. My advice to anyone considering Transparent is to build your relationship on collaboration, trust and shared goals. Explore Transparent’s range of services to improve your business performance and ease the burden on your team.”
“The project results exceeded our expectations, especially in comparison to our experiences with other providers in the past. As a result, we were able to implement various process improvements.”
“Transparent recovered erroneous payments and identified weaknesses in our AP processes. The team was very supportive and pleasant to work with.”
“Transparent’s AP audit is a valuable control tool. It goes beyond simply checking supplier payments and offers several benefits, such as an improved ability for Old Mutual to recover funds and additional insight into our existing processes. Partnering with Transparent has been a positive, professional and productive experience, characterized by good performance and clear communication.”
“At Transparent, we serve as a final check and make sure that everything runs as it should be – even if it seems fine on the surface. We often uncover differences that our clients weren’t expecting, providing crucial insights and recoveries. Our job is to confirm accuracy and provide reassurance that every detail has been thoroughly checked and considered.”
Vitas Jalinskas, Executive VP of Audit Operations
Find everything you need to know about our procurement performance management services.
Unclaimed property consists of various assets such as money, bank accounts, and stocks that are considered abandoned after a certain period – typically three years of no activity or contact with the owner. If the owner cannot be located, these assets are turned over to the state of the last known address.
The State Treasurer protects these assets, aiming to reunite them with their rightful owners. This category includes:
Unclaimed property does not include tangible property like real estate and vehicles.
Assets may become unclaimed due to various complexities, such as corporate name changes or errors in record-keeping.
Transparent’s approach is non-intrusive and designed to work seamlessly with your existing workflows. We minimize your input as much as possible, only approaching you when the state requires specific documentation.
You can expect recovery of a wide range of unclaimed property, including:
Our diverse expertise ensures the successful reclaiming of assets, effectively returning them to you.
Claims are processed as efficiently as possible – usually within ninety days. However, securities claims may require more time for a detailed review of corporate actions.
While no interest is paid on these reclaimed assets, any dividends from securities are distributed to the rightful owner, ensuring you receive all benefits from recovered assets.
