NEWS
Government bodies switch to MasterCard Government Procurement Card
Public sector organizations take advantage of MasterCard’s services to enhanced transparency and efficiency services
T
he Government Procurement Card (GPC) addresses many
of the issues facing public sector organisations including cashable and efficiency savings, transparency of spend, tight controls, the prompt payment initiative and replacement of cheques.
As departments, agencies and other public bodies face unprecedented budget cuts, maximizing value from each purchase is vital as is minimizing the cost of the purchasing process imperative.
Purchasing (or procurement) cards were originally developed to modernise and improve the efficiency of an organisation’s low value procurement process. However, they should now be seen as a part of a solution that goes beyond low value orders.
In addition to fulfilling purchasing and payment requirements, cards bring optimal benefits when used as part of an overall procurement and payments strategy.
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MasterCard’s commitment to driving efficiency in the UK public sector is demonstrated by the range of efficient electronic payment solutions that are available under the new four year payment card solutions & associated services framework agreement established by Buying Solutions -part of the Efficiency and Reform Group within the Cabinet Office - for procuring payment cards for use by public sector organisations.
These include:
MasterCard Smart Data – a service that provides users with 24/7 on-line access to all transactions for complete security.
MasterCard inControl™ – an innovative platform that enables advanced authorisation controls and intelligent transaction routing, as well as a robust alert functionality designed to enhance security.
VAT Recovery – this HM Revenue and Customs certified system allows organisations to estimate how much VAT has been paid and estimate how much might be recovered.
“It’s clear that in the current economic climate, public bodies are recognising their responsibility to be at the forefront of innovation to ensure they deliver genuine value for money to the British people,” says MasterCard’s Steve Shirley.
“That’s why, in a few short months, MasterCard has become a leading financial partner for public sector bodies and organisations.
“Our sophisticated purchasing control services drive up efficiency and transparency for public bodies of all sizes. Over the coming four years, we are confident that many more organisations will recognise the benefits of MasterCard’s innovative cost control services.”
All chief executives have been ‘encouraged’ to publish their prompt payment performance and with the move from 10 days to 5 days, for many this equates to an immediate payment.
GPC gives provides a simple, yet controlled and transparent solution, integrated to the appropriate back office systems.
FOR MORE INFORMATION For further information about government procurement cards: W:
www.mastercard.co.uk/publicsector
Jul/Aug 10
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