Case Study: Leading U.S. Bank reduces unclaimed property compliance processing time by 70% with Sovos

Leading U.S. Bank Reduces Unclaimed Property Compliance Processing Time by 70%

Leading U.S. Bank faced a major unclaimed property compliance challenge after a large acquisition expanded its footprint, accounts, and reporting complexity across multiple states. Its manual, spreadsheet-based process could no longer keep up with the volume and variety of property types, making compliance increasingly difficult without a technology solution from Sovos.

Sovos implemented Sovos Unclaimed Property, along with managed services and consulting, to centralize property management, automate due diligence, and handle state reporting across jurisdictions. As a result, Leading U.S. Bank reduced processing time by 70%, analyzed 50K+ records, supported 1,000+ offices, and properly managed an estimated $14M in obligations while escheating $1M to the states.