US-based software provider Oversight Systems has partnered with MasterCard to enable government agencies in the US to detect payment fraud.
Under the terms of the deal, Oversight Systems will deliver data analytics and fraud detection services to federal agencies that participate in the General Services Administration's (GSA) SmartPay initiative.
Using existing MasterCard-branded purchase, travel, fleet and integrated card programmes, MasterCard will have exclusive rights to offer Oversight Insights On Demand which will provide the capabilities to recognise unusual spending patterns and monitor transactions for potential misuse, fraud, waste, and abuse.
The GSA Smart Pay programme empowers federal agencies/organisations and other authorised users to obtain purchase, travel, fleet, and integrated charge card products and services through Master Contracts GSA.
MasterCard senior vice president for North America commercial products Eugene De Silva said: “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.
"The solution will enable the agencies to identify suspicious purchases and more quickly detect potential fraud."
Oversight Systems CEO Patrick Taylor said: “We believe that MasterCard is the right strategic ally for us to deliver our solution to government agencies. These agencies will realise tangible savings of taxpayer dollars through the elimination of fraud, waste and abuse."