Revolutionizing
dormant account
recovery
Dormant accounts, containing unclaimed funds, pose a challenge for both financial institutions and regulators. These accounts tie up resources, create compliance complexities, and ultimately represent a loss of potential economic activity. In summary, publishing these lists is a regulatory obligation, however, they do not specify how to publish and manage these lists effectively.
In 2021,
76%
of adults worldwide had an account with a bank or other financial institution,
of which up to
26%
of accounts were dormant.
Examples of some countries:
• Singapore 300 million USD (3 largest banks)
• California 9 billion USD
• UK 15 billion Pounds
• India 26 billion Rupees
WIOLP supports a wide range of asset types, including savings, checking, fixed deposits, unclaimed dividends, insurance policies, retirement funds, cryptocurrency, and even real estate with unknown owners. It is therefore suitable for all types of financial institutions as well as for government organizations worldwide.
The global population is expected to peak in 2086, reaching approximately
10,4 mld
Dormant accounts exist, are arising, and will arise in the future.
Financial institutions lack the ability to identify where to find the original owners or heirs of dormant accounts, and conversely, these individuals do not know which financial institution holds their funds or where to search for them.
Millions of dormant accounts hold unclaimed funds waiting to be rediscovered by their rightful owners or heirs. Unfortunately, there was no mechanism that could connect financial institutions and rightful owners or heirs across the world. Moreover, without a breach of banking secrecy or a breach of personal data.
WIOLP allows a global solution.
WIOLP is a global AI-powered database of dormant accounts that helps financial institutions meet their legal obligations while providing a secure and discreet service for individuals searching for potentially forgotten or unclaimed assets.
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Benefits for financial institutions
Global reach
WIOLP enables financial institutions to connect with potential clients/heirs located around the world, while also enabling individuals to locate and claim dormant accounts in multiple countries simultaneously.
Regulatory compliance
WIOLP allows financial institutions operating in different jurisdictions to simultaneously, actively disclose, and manage these dormant accounts, always in accordance with the regulations of the jurisdiction in which the specific account is located.
Publishing by the law
Unifies, standardizes, and solves the issue of publication. It allows publishing without breaching banking secrecy, personal data protection, or security protocols.
Increased liquid assets
The revived funds increase the institution’s liquid assets, which can be used for lending, investing, meeting short-term obligations, or meeting regulatory reserve requirements.
Customer retention and Cross-Selling
Customers can add funds to their accounts after reactivation, with Cross-Selling or improved services. More deposits enhance the loan-to-deposit ratio and strengthen liquidity.
Minimizing asset forfeiture
If dormant accounts are not revived in time, the funds may be escheated to the government. The reactivation retains funds within the institution.
Enhanced credibility
Gain recognition as a leader in transparency and responsible asset management, building trust with clients and regulatory bodies.
Generating new customers and revenue
Identifying the owner or heir allows financial institutions to acquire new clients and offer them additional products.
Database maintenance
Regularly updating and publishing lists of dormant accounts helps institutions reconcile their records and maintain a cleaner and more accurate database.
Reduction of costs
Centralizing the management of dormant accounts reduces the costs and administrative resources associated with contacting the rightful owners or their heirs.
Demonstrating search efforts
The ability for individuals to have a central global search is considered to demonstrate sufficient search effort for owners or heirs on the part of institutions.
Reducing the risk of legal challenges
A centralized global search for dormant accounts ensures transparency and effectively reduces the risk of legal disputes over unclaimed funds.
For consultations or integration support, reach out to WIOLP’s financial solutions team.
Ready to explore how we can help your financial institution? Fill out our brief questionnaire, and we’ll propose a solution.
Should you wish to learn more
Read more on our Knowledge blog or explore A case study in efficiency of dormant account recovery
Some of the questions...
What is WIOLP, and how does it work for financial institutions?
WIOLP is a global AI-powered platform that connects financial institutions with rightful claimants of dormant accounts. Institutions upload dormant account data to WIOLP, which becomes searchable by claimants. WIOLP’s secure tools facilitate the claim process, and compliance reporting.
What types of dormant accounts can financial institutions upload to WIOLP?
WIOLP supports a wide range of account types, including savings, checking, fixed deposits, unclaimed dividends, insurance policies, retirement funds, real estate with unknown owners, and even cryptocurrency.
How does WIOLP ensure the security of uploaded data?
WIOLP uses advanced encryption protocols and secure servers to protect dormant account data. All uploads and interactions comply with global privacy and data protection regulations such as GDPR, ensuring data is safeguarded at every step.
Does WIOLP validate the data uploads?
Yes, WIOLP has built-in validation tools that identify incomplete or inaccurate entries during the upload process. This helps maintain data integrity and ensures compliance with regulatory standards.
How can financial institutions upload dormant account data to WIOLP?
Institutions can upload data in bulk using Excel, CSV, or API integrations. WIOLP’s intuitive dashboard includes tools for mapping fields, tagging metadata, and validating entries to ensure accuracy and compliance during the upload process.
How are claimants matched with dormant accounts?
WIOLP’s AI-powered search engine allows claimants to search by name variations. The system accounts for multilingual complexities, spelling variations, and partial matches to identify potential claims.
How does WIOLP ensure that only authorized individuals can access sensitive account data?
WIOLP prioritizes the secure handling of sensitive account data. An institution’s user access is role-based and assigned permissions. This means that each user, such as a compliance officer or claim officer, can only access the specific dormant accounts relevant to their role and jurisdiction.
Is WIOLP suitable for international financial institutions?
Absolutely. WIOLP system accommodates small regional financial institutions and global financial institutions alike as well as for government organizations worldwide.
How to get started with WIOLP?
To get started, schedule a meeting with the WIOLP team. We’ll guide you through a seamless onboarding process, including data upload, system training, and platform customization.
Contact
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