March 24, 2010 – Oversight & Lavante Form Strategic Partnership to Offer More Complete and Advanced Accounts Payable Recovery and Audit Solutions
Oversight and Lavante Form Strategic Partnership to Offer More Complete and Advanced Accounts Payable Recovery and Audit Solutions
ATLANTA, Ga., and SAN JOSE, Calif. – March 24, 2010 – Oversight Systems, the leader in continuous transaction monitoring, and Lavante, the leading provider of on-demand profit recovery and vendor information solutions, today announced a strategic partnership agreement. The combination of Oversight’s monitoring and control technology and Lavante’s vendor-focused recovery services will enable Fortune 1000 companies to improve the accuracy and efficiency of key financial processes while recovering cash and cleaning their vendor files.
Oversight Systems solutions are used by leading global companies to monitor and analyze financial transaction processes in order to detect and eliminate waste, misuse, and potential fraud. This helps drive operational improvements that significantly impact key financial metrics such as working capital, cash flow, and more accurate financial reporting and control.
“Oversight’s solution augments Lavante’s profit recovery services with the most advanced transactional review technologies and capabilities,” said Patrick Taylor, CEO of Oversight. “Combining our transaction data analytics with Lavante’s vendor-verification process makes for a compelling enterprise solution that delivers the highest levels of assurance for transaction integrity and profit recovery, while helping companies drive policy compliance and process optimization.”
Lavante’s application powers on-going communications with the vast majority of a client’s active vendors to identify and deliver vendor-validated credits while cleansing vendor information. Their unique communication software drives compliance to maximize vendor participation in the review. A suite of reports and analytics identifies duplicate and related vendors across the file. This information is used to enhance duplicate payment searches across related vendors.
Lavante’s SaaS-based system tracks, manages, and provides visibility to all credit and vendor data in real time while organizing the information for seamless integration into any ERP system. In addition to facilitating cash recoveries, updated vendor information is used to cleanse vendor files, which helps prevent future transactional errors from occurring.
“By combining Oversight’s technology for intra-enterprise transaction analysis with Lavante’s vendor-side verifications, statement reconciliation, and analytics, we’re able to offer enhanced recovery auditing services to our clients,” states Joe Flynn, CEO of Lavante. “Besides increasing cash recoveries, this will yield improvements in an enterprise’s procure-to-pay processes as well.”
About Oversight Systems, Inc.
Oversight Systems uniquely delivers on the promise of continuous monitoring, with real-time transaction integrity inspection for identifying fraud, misuse and waste. Oversight’s software provides a platform for continuous monitoring with powerful analytics that excel at finding problems, then raises the bar with an investigator’s workbench for cost-effectively fixing the problem, and workflow-enabled audit trail and journaling for proving problem resolution and compliance. By inspecting each step of individual transactions across all financial systems, Oversight identifies waste and fraud, drives defects out of the process, and sustains regulatory compliance. For more information, visit www.oversightsystems.com.
Lavante is the leading provider of on-demand profit recovery audit software and services, and vendor information management software solutions. Lavante helps Fortune 1000 companies enhance cash flow, productivity, compliance and control. Lavante’s innovative software automates the collection and analysis of information from a company’s entire active vendor community. The Strategic Recovery process combines this vendor knowledge and accounts receivable records with intelligent accounts payable audit algorithms to maximize cash recoveries. Lavante’s SaaS-based software offerings provide on-demand, real-time visibility into the audit process and automate the updating and cleansing of vendor records. For more information, visit lavante.com. Follow us on twitter at twitter.com/lavanteinc.