Newtrend announced that it has formed a partnership with a Maryland technology firm to provide its customers with a system to automate unclaimed property reporting.
The agreement calls for Newtrend, the Orlando-based software and outsourcing firm, to introduce to its customers a system from Owings Mills-based Chesapeake System Solutions' product.
The software, called Unclaimed Property Compliance System, will allow institutions to identify and track unclaimed property while complying with state and federal guidelines.
Sam Teague, Newtrend's manager of regulatory affairs, called the agreement a "win win" situation for both the companies and Newtrend's customers.
"They offer a product that our clients need, that we cannot provide," Mr. Teague said.
"It would have been too costly to develop ourselves, and we were not about to go and reinvent the wheel," he added. "The agreement provides us with the right technology for the right price." UPCS uses a number of data bases that increase the effectiveness of performing due diligence in searching for unclaimed-property owners.
The data bases use up-to-date information on reporting laws and regulatory obligations,
"The effort to comply with state and government regulations and to avoid penalties has historically been both time-intensive and costly," he said.
"By teaming up with Chesapeake System Solutions, we can offer our customers immediate access to a low-cost alternative that automates the compliance requirements for their unclaimed-property operation," he added.
The system operates in a Microsoft Corp. Windows environment and can be used as a stand-alone workstation, as part of a network, or in conjunction with client-server technology. The software takes advantage of an open-system design, Peter Vogelberger, president of Chesapeake System Solutions, said the alliance with Newtrend enhances his firm's presence in a market that he said offers enormous growth potential. "This agreement opens a new market for us and it will allow u.s to expand our access to a number of institutions." he said. Chesapeake System Solutions Inc. is privately held firm specializing in developing and supporting account reconciliation and regulatory-compliance automation systems.