In order to provide its users with greater freedom in creating and scheduling reports and easier online inquiry on outstanding checks, American Family Life Assurance of Columbus (AFLAC, Columbus, GA) will convert its mainframe-based Abandoned Property & Escheatment Software (APECS) to CheckFree Corp.'s (Atlanta) client/server-based APECS solution.
AFLAC, which has used CheckFree's mainframe-based APECS solution for years, will streamline its operations to comply with state-by-state reporting of unclaimed property in all 50 states, the District of Columbia, Guam, Puerto Rico and the Virgin Islands. "The software is kept current of all the state requirements by CheckFree via software releases, which usually occur quarterly," says Ed Arnold, manager, accounts payable, AFLAC.
The property being reported by AFLAC is mainly outstanding checks issued by the insurer that haven't been deposited by the payee. These checks, according to Arnold, are typically claims payments, commission payments to agents, premium refund checks, payroll checks, vendor checks or dividend checks.
Check issuers are required to perform due diligence to locate the original payee or someone to represent them. If they cannot be located, the issuer of the check must complete a report detailing the money that must be remitted to the state.
"CheckFree's software automates the due diligence and reporting requirements for AFLAC," says Arnold.