Online, Electronic System for Unclaimed Property Reporting and Payment Remittance
CEDAR RAPIDS, IA--(Marketwire - Jul 24, 2012) ⎯ ETM, developer of UPExchange™ for unclaimed property reporting -- and Wings Plus for financial reporting and tax compliance -- announces that the States of South Carolina and Iowa are now in production on UPExpress™. UPExpress™ is the industry's first-ever standardized, online, electronic system for submitting unclaimed reports -- and remitting payments -- in one place, at one time, in one session.
"To say this will revolutionize the industry is an understatement," said Curtis M. Loftis, Jr., South Carolina State Treasurer. "The amount of time and paper saved is almost incalculable. The amount of confusion and errors eliminated is even greater. The way in which UPExpress™ will help holders comply with our specific requirements has been a long time coming."
UPExpress™ will help these two states improve compliance, since it enables one simple process and one report delivered over the Internet. It allows states to tailor the information they receive, their upload requirements, their holder agreements, and their reporting and remittance options. And, since holders pay a modest transaction fee, it costs nothing for states to adopt it.
"One of the benefits for the holder community is that UPExpress™ can be used with any holder's existing systems," said Michael Fitzgerald, Iowa State Treasurer. "It complements the processes and procedures they use right now. This software allows companies to report to multiple states in one sitting and simplifies the entire reporting and remittance process."
. To read a white paper on online, electronic reporting, please go to http://byetm.com/index.php/white-paper.