Zact unveils integrated payments and expense management platform
By Pavithra R
Silicon Valley-based FinTech company Zact has 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. Its patent-protected platform, through its deep integration into the payment ecosystem, enables customers to control expenses before the payment is made, thereby ensuring strict control and adherence to corporate spending priorities and policies. The FinTech is backed by VCs including Alpana Ventures, Junson Capital and S-Cubed Capital.
“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. 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,” said serial entrepreneur John Thomas, co-Founder and CEO.
The Zact platform traverses the entire stack in expense and payments management, from the network players like Visa & MasterCard through to accounting systems enabling transaction-level expense reporting and continuous reconciliation. Its customers include small to mid-size corporations and offer its services with no user-fees.
Zact is an intelligent payment platform around an approval-based, centralized spend policy that allows for decentralized employee-level purchases. The company is fully SOC1, SOC2 and PCI compliant.
“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,” said Zact Product VP, Jayant Ramchandani.