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Solution detects and prevents payment inaccuracy and minimizes fraud
in U.S. federal government agencies
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Solution uses financial services industry best practices, predictive
fraud analytics and lean Six Sigma methodology
BROOKFIELD, Wis.--(BUSINESS WIRE)--
Fiserv,
Inc. (NASDAQ: FISV), a leading global provider of financial services
technology solutions, announced today that it has launched a payment
accuracy and fraud solution to reduce improper payments for U.S. federal
government agencies. The professional services engagement will allow
government agencies to reduce the overall loss of cash associated with
improper disbursement and recovery of funds, thereby enabling that money
to instead be used for citizens and tax-payers.
Improper payments can include payments to the wrong person, for the
wrong amount, or to citizens who are no longer eligible for benefits. In
2012, improper payments made by the federal government to citizens were
estimated to total $108
billion. An estimated one-third or more of improper payments are due
to fraud, while two-thirds are the result of errors or incorrect
information. Using a rigorous process and data analysis, the Fiserv
solution finds and eliminates process variation, waste and opportunities
for error that may result in payment inaccuracy.
Fiserv practitioners pinpoint root causes and areas in the payment cycle
where improper payments can be detected, mitigated and prevented. This
diagnostic professional services engagement includes discovery sessions,
interviews, hands-on process observation, mapping, data collection and
analysis with the goal of delivering an actionable roadmap that enables
the identification, mitigation or elimination of the majority of
improper payments.
Fiserv then works closely with the agencies to optimize the processes
and identify the need for change. Fiserv creates detailed specifications
for any technology solutions needed to address points of failure that
may result in improper payments. Finally, Fiserv creates and operates
the new process or technology platform, or helps the agency manage the
new environment using internal resources.
"At a time when resources are scarce at every level of government,
public officials can no longer look at improper payments as a cost of
doing business. Fiserv is a leader in payments processing, technology
and professional services and our solutions are used by leading
financial institutions to ensure payment accuracy, prevent fraud and
speed service delivery," said Ray Kalustyan, senior vice president and
managing director, Government Services, Fiserv. "By applying our payment
accuracy and fraud expertise in the government sector, we can reduce the
need for recovery efforts while allowing government agencies to reinvest
the money they save through the prevention of improper payments."
Additional Resources:
About Fiserv
Fiserv, Inc. (NASDAQ: FISV) is a leading global technology provider
serving the financial services industry, driving innovation in payments,
processing services, risk and compliance, customer and channel
management, and business insights and optimization. For more
information, visit www.fiserv.com.
FISV-G
Media Relations:
Julie Nixon
Senior Public Relations
Manager
Fiserv, Inc.
678-375-3744
julie.nixon@fiserv.com
or
Additional
Contact:
Wade Coleman
Director, Public Relations
Fiserv,
Inc.
678-375-1210
wade.coleman@fiserv.com
Source: Fiserv, Inc.
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