Atlanta (January 25, 2017) – Oversight Systems, Inc., a leading operational expense analysis company, today announced that it will align with Mastercard to provide data analytics and fraud detection to federal agencies that participate in the General Services Administration’s (GSA) SmartPay initiative. Leveraging existing Mastercard-branded purchase, travel, fleet and integrated card programs, Mastercard will have exclusive rights to also offer Oversight Insights On Demand™, which will provide the capabilities to identify unusual spending patterns and monitor transactions for potential misuse, fraud, waste and abuse.
“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 Eugene De Silva, Senior Vice President, North America Commercial Products, Mastercard. “The solution will enable the agencies to identify suspicious purchases and more quickly detect potential fraud.”
“We believe that Mastercard is the right strategic ally for us to deliver our solution to government agencies,” said Patrick Taylor, CEO of Oversight Systems, commented. “These agencies will realize tangible savings of taxpayer dollars through the elimination of fraud, waste and abuse.”
The GSA Smart Pay program enables federal agencies/organizations and other authorized users to obtain purchase, travel, fleet and integrated charge card products and services through Master Contracts GSA has established with a number of leading financial institutions. GSA SmartPay 3 is the next generation of the program that expands upon the current payment program.
Oversight Insights On Demand™ is a web-based software solution that automates spending program compliance by comprehensively analyzing expense report, purchase card and accounts payable transactions to identify fraud, noncompliant purchases and wasteful spending. Through visibility into the interaction between policy and behavior, Oversight offers opportunities for ongoing improvement and helps organizations transform how they are managing risks in their spending programs.
Oversight makes a difference within the companies it serves, and has the experience to prove it; analyzing over $2 trillion in expenditures annually at Fortune Global 5000 companies and government agencies. Oversight’s solution is strengthened by partnerships with Concur, Mastercard, Oracle, SAP and TSYS.