Payments 3.0: Interview with John Thomas, CEO Zact

Posted by
John Thomas
November 17, 2021
In our interview with John Thomas, we discuss why payments data is important and Zact’s role in bringing digital transformation to payments.

As a Fintech CEO, how important is “Data” to your business?

Data is critical to every business, but it is particularly important in the B2B payments industry. For instance:

Payment and expense data repositories – today these are siloed. Payment data is held by the bank and the expense by the companies. A firm needs access to both types of data to verify that the purchase was actually made (i.e., it wasn’t a fake receipt generated and submitted for reimbursement).

Patterns of expenditure – these are crucial in identifying fraudulent transactions. For example, multiple clients ordering the same items at a restaurant (appetizers, entrees, single dessert) could indicate an employee charging personal expenses or duplicate expenses to a company.

Historical patterns of misclassification of expenses or inappropriate charges – these indicate an employee’s propensity to spend outside policy.

Read More