The credit card conglomerate said Wednesday (Jan. 25) that it will collaborate with Oversight Systems to offer government agencies their collective data analytics and fraud detection solutions. Their services will be offered to federal agencies that are a part of the General Services Administration’s SmartPay initiative, which helps the government access better charge card and commercial payment solutions via partnerships with financial institutions.
According to Mastercard, its existing card solutions — including fleet, procurement and travel cards — will link to Oversight Insights On Demand tools, which analyze spend on these cards and identify potential fraudulent transactions. Their collaboration means government agencies can not only ensure more secure payments but reduce misuse and waste of government funds.
“Mastercard found a unique way to team with Oversight and provide federal agencies with visibility into spending, compliance and expense reconciliation across our Mastercard-branded commercial card portfolios,” said Mastercard SVP of North America Commercial Products Eugene De Silva in a statement. “The solution will enable the agencies to identify suspicious purchases and more quickly detect potential fraud.”
In another statement, Oversight Systems CEO Patrick Taylor said Mastercard was an obvious choice when it came to deciding how to deliver its payments and expense analytics solutions to government agencies.
“These agencies will realize tangible savings of taxpayer dollars through the elimination of fraud, waste and abuse,” Taylor stated.
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Transparency and security in government procurement processes is a challenge across the globe. In 2015, researchers at Forrester Consulting found that digital solutions support stronger federal procurement practices.
