FISCAL Technologies wins multi-year contract with NHS Wales to protect organisational spend
Press Release | 05th September 2016
Reading, UK – 5th September 2016: FISCAL Technologies, the world-leading provider of accounts payable forensic software, has signed an initial three-year contract to provide NHS Wales with its AP Forensics® software to reduce risk, improve compliance, detect fraud and prevent overpayments.
Five years ago, NHS Wales centralised the supporting functions of seven NHS Health Boards and three Trusts which saw the NHS Wales Shared Services Partnership (NWSSP) established. Charged with protecting 99 hospitals and 3 million people on a £6 billion budget, the health service was in need of increased controls and governance for its centralised finance function.
FISCAL’s powerful forensic tools analyse accounts payable and supplier data to identify high-risk transactions and suppliers, processing errors and potential fraud. It is designed to both protect overall spend via constant monitoring of all accounting systems and provide the basis for continuous process improvement.
Chris Windsor, FISCAL’s Director of Customer Development UK said: “We have a proven track record of delivering cost savings and efficiencies for UK health trusts and are excited to be working with NHS Wales to protect their spend. The fact that NHS Wales have chosen a potential five-year contract demonstrates their confidence that AP Forensics will strengthen the control environment around their centralised AP function.”
Russell Ward, Head of Accounts Payable and Enablement at NWSSP’s Procurement Services division said: “The ERP upgrade and the migration of several NHS trust and board teams into a central location, with the inevitable loss of key staff, increased the likelihood that AP errors would be made. AP Forensics will dramatically reduce the incidence of overpayments, and we expect to see additional efficiencies as a result of this implementation.”
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About FISCAL Technologies:
FISCAL Technologies is the leading provider of forensic solutions that empower purchase-to-pay teams across the globe to protect organisational spend.
Incorporating unique technology to reduce risk in the supply chain, FISCAL solutions are used on a continuous, preventative basis to protect supplier spend, defend against fraud, increase profitability and drive process improvement.
Since 2003, FISCAL has safeguarded hundreds of millions of payments and is now relied on by over 250 leading organisations.
For more information, please visit www.fiscaltec.co.uk.
0845 680 1905
About NHS Wales Shared Services Partnership
The NHS Wales Shared Services Partnership (NWSSP) is an independent organisation, owned and directed by NHS Wales. NWSSP supports NHS Wales through the provision of a comprehensive range of high quality, customer focused support functions and services.
The benefits NWSSP brings to Wales are substantial, ranging from transaction cost reductions and efficiencies from introducing common processes and sharing good practice, to the considerable savings and improvements within health boards and trusts created through the professional influence of our services.
Darren Davies, Communications Manager
Email: [email protected]
Tel: 01443 848534