IT Integration and Cloud-Based Analytics for Managing Unclaimed Property and Public Revenue

Abstract

The management of unclaimed property constitutes a challenge for many countries. Unclaimed property is defined as a financial asset for which an institution has had no activity or contact from its owner for a certain period of time and which has not been made payable or distributable. As unclaimed property becomes dormant it should be reported to a government and transferred there, to become unclaimed cash or unclaimed shares, bonds or other physically-held property. This leaves significant assets on local authorities that constitute a low-return investment or liability when held for its owners. While the technology for automation exists, a hub is needed to aggregate this data and to rank through a public cloud the claimants in accordance to their claim but also to identify the data owners. Here we introduce a cloud-based solution that will support this, integrating heterogeneous unclaimed property and public revenue data from multiple local authorities in one location, and though it will provide a consistent set of IT services it will still remain easy and cheap to operate for smaller villages.