The Zact platform passes over through the entire stack in expense and payments management, from network players such as Visa and MasterCard to accounting systems that allow transaction-level expense reporting and continuous reconciliation.
FREMONT, CA: Zact, a Fintech company based in Silicon Valley, launched its integrated payments and expense management platform. Zact is a novel solution to the vexing issue of handling organizational expenses and payments, which once aligns the needs of the spending worker and the accounting departments. Based on the principle of 'pay by the rules,' the policy guardrails are implemented before the spending takes place. The Zact platform passes over through the entire stack in expense and payments management, from network players such as Visa and MasterCard to accounting systems that allow transaction-level expense reporting and continuous reconciliation. No other solution available in the market is as effective as that.
"We saw a real problem in expense and payment management and wanted to build an end-to-end platform, versus a point-solution that only cured part of the pain," said serial entrepreneur John Thomas, co-Founder and CEO. "Even medium-sized businesses have enterprise-type complexity in managing their expenses. They deserve a solution that can scale up and down for their needs, without requiring massive amounts of upfront setup costs and high recurring operational costs – both in tool costs and employee time," he added.
The Zact platform represents not only technological innovation but also a business design win, with no user fees. Zact's business model is a perfect and salutary fix to the current fee-based marketplace for companies attempting to boost efficiency while saving much-needed money.
Zact Product VP Jayant Ramchandani Remarked Zact's launch as a step-change in the space, "We solved a variety of problems simultaneously with our integration, transaction-level visibility, and pre-spend guardrails. In addition, with our approval workflow-based 'controls before spend' budget, we dispel the notion of a tacit approval to spend and democratize the corporate card to an 'employee card' for all."