Zact, a Silicon Valley-based Fintech company, announced the launch of its integrated Payments and Expense Management platform. Zact is an innovative solution to the vexing problem of managing corporate expenses and payments, that at once aligns the needs of the spending employee and the accounting departments. Based on the principle of “pay by the rules,” policy guardrails are enforced before the spend happens. The Zact platform traverses the entire stack in expense and payments management, from the network players like Visa and MasterCard through to accounting systems enabling transaction-level expense reporting and continuous reconciliation. No other solution in the market is as comprehensive.
“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 a technological innovation but also a business design win, with no user-fees. For businesses looking to enhance efficiency while saving much-needed capital, Zact’s business model is an ideal and salutary corrective to the existing, fee-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.”