Zact and Itilite team up to streamline business travel payments
The opening of business travel has prompted many companies to come up with better and enhanced versions of products to iron out the discrepancies arising from the lack of infrastructure in payments and expense management integration in this sector.
This week, California based payments company, Zact has announced a partnership with Itilite which is a business travel and expense management platform. Under this partnership, organisations seamlessly issue payment cards, make travel bookings and manage employee expense reporting, all from an integrated platform.
This year, Mastercard and Amadeus expanded their partnership for virtual cards in travel while American Express Global Business Travel acquired Egencia.
As per the press note, these two companies will ‘create the first fully interoperable travel booking and spend management experience’. Zact also mentions that since its payments platform which suits both proprietary and 3rd party applications would provide this interoperability natively.
“The Zact platform with its rich application and APIs is ideally suited to complement Itilite’s comprehensive travel booking functionality & inventory,” said John Thomas, CEO at Zact.
The issue with travel payment is highlighted in the press notes that many organisations ask employees to ‘use personal credit cards for business travel’ and with this partnership, ‘organizations can instead issue budget-based corporate cards for specific trips, control which travels options employees use, and receive the data in real-time for expense reporting. With this, all expenses would be reconciled automatically and sent to finance teams.
Itilite is a business and expense management platform and has half a million users globally.