Bank of America Corporation
ARTIFICIAL INTELLIGENCE-BASED SYSTEMS FOR MANAGING BIG DATA FOR ABANDONED PROPERTY COMPLIANCE

Abstract:

A system that provides for identifying eligible account activity including a related date of last account activity for purposes of managing escheatment. Specifically, the present invention provides for implementing artificial intelligence including machine learning techniques to definitively identify, which electronic transactions are recurring transactions and, once transactions have been identified as one-time-only or recurring, state-specific abandoned property requirements are applied to determine a date of last activity for a financial account. The date of last activity, along with other dates of interest, are subsequently monitored to determine when property remaining in an inactive financial account escheats to the state.