Zact, a technology firm focused on commercial banking, has introduced an expanded version of its platform aimed at prioritizing banks' needs. This platform integrates commercial cards, expense management, payables, travel services, and various financial tools into a cohesive user experience.
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Designed to fit within the existing architecture of banks, the platform aims to help lenders remain competitive while retaining their deposits, income streams, branding, and direct client relationships. It connects to major processors, card networks, and payment systems that financial institutions already utilize, enabling banks to enhance their commercial offerings without the need to replace legacy systems or change existing partnerships.
Zact has completed integrations with two of the largest issuer processors in the banking sector, with a third integration currently underway. The platform supports all three major global card networks.
The offering includes a suite of applications covering commercial card and expense management, integrated payables, invoice automation, travel booking and reconciliation, as well as rebate management. AI-driven tools facilitate policy enforcement, approvals, and workflow automation throughout the suite. Banks can choose to implement specific applications or deploy the complete suite.
Additionally, Zact features a Portfolio Console, a centralized hub that allows banks to manage their commercial programs. This console aggregates data from the platform, enhancing oversight, control, and insights at the portfolio level.
Zact CEO John Thomas emphasized that banks should not lose commercial customer relationships to fintech firms merely for offering superior technology. He stated that banks already possess the necessary customers, deposits, trust, and financial infrastructure, and Zact’s technology is designed to help them compete effectively and meet customer expectations.