Overpayments Detection is a Priority for Accounts Payable & Treasury
Within Local Government

CROWTHORNE, UK. – 17th March, 2008 - FISCAL Technologies, providers of world class duplicate payment detection software and services, today announced that Rotherham Metropolitan Borough Council (MBC), Bracknell Forest Borough Council and The Highland Council have selected Duplicate Payment Finder™. This makes a total of 14 local authorities using FISCAL’s software to strengthen existing Accounts Payable audit controls.

FISCAL has spent over 5 years supporting local government and overcoming some of their unique accounting pressures. Each has to meet strict guidelines as determined by BVPI 8, which is the government target for paying suppliers within 30 days. This adds significant pressure in already over worked accounts payable & treasury departments and therefore additional controls are essential to avoid overpayments.

Duplicate Payment Finder™ is designed to be easily used by anyone in accounts payable & treasury and can find overpayments within an hour of installation. Using specialist search algorithms and sophisticated pattern matching techniques that have been proven over the last 5 years, the software generates detailed reports of duplicates. More importantly it helps identify ways that can improve internal controls to avoid future duplicate payments.

Rotherham MBC’s Senior Payments Officer, Peter Senior said, “Duplicate payments had been an issue for us, and we needed a simple cost effective solution that we could run frequently to avoid problems trying to recover payments several months down the line. Mr Senior went on to say “we are now able to identify why duplicate payments are occurring, and it has reinforced our own audit internal controls”.

David Griffiths, FISCAL’s Director of Customer Development, says “we are delighted to welcome these new customers on board. Our experience with providing cost recovery systems to local government in the UK is unparalled”

-ends-

About FISCAL Technologies
FISCAL Technologies Ltd, founded in 2002, provides world class duplicate payment software to corporations, financial institutions and banks. Organisations trust these solutions to meet their needs for cost reduction, fraud detection and optimisation of working capital.
Duplicate Payment Finder™ ™ locates duplicate payments and incorporates some of the industry’s best algorithms and pattern matching technology. It has been used to scan hundreds of millions of payments across the globe. For more information, please visit www.fiscaltechnologies.com.

FISCAL Technologies, Duplicate Payment Finder™ and the FT logo are trademarks of FISCAL Technologies Ltd. which may be registered in certain jurisdictions.  All other brand/product names are trademarks of their respective holders.

Media Contacts:
PR Manager
FISCAL Technologies
+44 (0)845 680 1905
smarterpr[at]fiscaltechnologies.com                                                                 

Cautionary Language
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.  Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors.  Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are competition, market demand, technological change, strategic relationships, recent acquisitions, international operations and general economic conditions.