Zact Launches its Integrated Payments and Expense Management platform
Shivaji Dound | November 25, 2020
Zact, a Silicon Valley-based Fintech company, announced the launch of its integrated Payments and Expense Management platform. Zact is an innovative answer for the vexing issue of managing corporate expenses and payments, that on the double aligns the necessities of the spending worker and the accounting departments. Based on the standard of "pay by the principles," strategy guardrails are authorized before the spend happens. The Zact platform traverses the whole stack in expense and payments management, from the network players like Visa and MasterCard through to accounting frameworks enabling transaction-level expense announcing and persistent reconciliation. No other arrangement in the market is as thorough.
"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 speaks to a technological innovation as well as a business configuration win, with no client expenses. For businesses hoping to enhance productivity while saving truly necessary capital, Zact's business model is an ideal and salutary remedial to the current, expense based marketplace.
Zact Product VP, Jayant Ramchandani hailed 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."
Zact is an intelligent payment platform, reimagined around an approval-based, centralized spend policy that allows for decentralized employee-level purchases. Architected exclusively to integrate payment networks and expense management in one solution, Zact effectively rejects out-of-policy expenses before the spend occurs delivering unprecedented management of expenses. By integrating payments and expenses at a transaction level, Zact automates expense reporting, continuously reconciles expenses and payments, and provides visibility of expenses in accounting systems without delays, freeing employees from these encumbrances. Welcome to the world of managed autonomy.